Oilcorp suspended from Oct 12, faces delisting

PETALING JAYA: Trading in Oilcorp Bhd shares will be suspended with effect from Oct 12 and the securities of the company risk being delisted from the local bourse on Oct 14 unless an appeal is submitted to Bursa Malaysia within the stipulated timeframe.

The move comes after the PN17 (Practice Note 17) company failed to submit its regularisation plan to the Securities Commission or Bursa within the prescribed deadline.

According to a Bursa statement, financially-troubled Oilcorp will be given up to Oct 11 to file its appeal pertaining to the delisting of its shares. Any appeal submitted after that date will not be considered.

In the event Oilcorp submits its appeal within the timeframe, the removal of the its securities from the official list of Bursa on Oct 14 shall be deferred pending the exchange’s decision.

On the other hand, should Oilcorp be delisted, it would continue to exist as an unlisted entity.

The company would still able to continue its operations and business, proceed with its corporate restructuring and its shareholders can still be rewarded by its performance.

Oilcorp was supposed to submit regularisation plans to the regulators by Sept 22, but it had early last month requested for an extension of time until March 22, 2011, claiming that it was still in the midst of discussing and negotiating with its creditors.

Oilcorp was classified as a PN17 company last September because it failed to make an overdue interest payment amounting to RM1.6mil.

In addition, the company also could not provide the exchange with a solvency declaration.

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