LESS than three years after its listing, Tat Sang Holdings Bhd is faced with de-listing procedures initiated by the KLSE yesterday.
Tat Sang has failed to make its requisite announcement pursuant to Practice Note 4/2001 and paragraph 8.14 of the Listing Requirements of the KLSE within the timeframe stipulated by the exchange and has not been granted any further extension of time,'' the KLSE said in a statement.
Tat Sang, currently a PN4 company, was served with a notice by the KLSE yesterday to make representations to the exchange within 14 days as to why its securities should not be de-listed from the official list of the KLSE.
Due process is therefore accorded to Tat Sang prior to making a decision on whether to de-list its securities from the official list of the KLSE,'' the exchange said.
Upon due consideration of the matter and the conclusion of the relevant due process accorded, the KLSE will decide whether to de-list Tat Sang. Where a decision is made to de-list Tat Sang, the company will be notified accordingly,'' it added.
Tat Sang was listed in June 2002, but its financial health was not suspect till mid-September 2001 when it announced the sale for RM50,000 of subsidiary Tat Sang Sdn Bhd, which it had bought for RM31.7mil in February 2000.
Five days later, Tat Sang announced that another subsidiary was in default of payment amounting to RM36.8mil to various financial institutions.
Nine days after that, Tat Sang announced a fourth quarterly loss of RM33.6mil or a loss per share of 83.89 sen.
The company's shares were subsequently suspended by the KLSE on Oct 25, 2001, at the last traded price of 63.5 sen.
Tat Sang managing director Lim Chai Hock was charged in the Sessions Court in December last year with two counts of submitting false information to the Securities Commission (SC) and the KLSE.
He claimed trail to charges of submitting false information to the SC in connection with the companys second revised proposal for flotation on the KLSE second board dated Dec 16, 1998.
On Feb 5 this year, Tat Sang director Puteri Intan Zuraida Abdul Rahman said there were plans to inject several new business activities into the company in an effort to turn it around.
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