High-5 faces de-listing after revamp rejected

KUALA LUMPUR: Loss-making High-5 Conglomerate Bhd faces de-listing after Bursa Malaysia Securities Bhd rejected its proposed regularisation plan.

A Bursa Securities Circular issued on Wednesday said trading in High-5's securities would be suspended from Aug 14 and its faces de-listing on Sept 10.

However, the de-listing could be averted if the company could submit an appeal against the rejection of its regularisation plan and de-listing on or before Sept 5.

"Any appeal submitted after the appeal timeframe will not be considered by Bursa Securities," it said.

Bursa Securities said it High-5 could submit an appeal within the timeframe, the de-listing would be deferred pending its decision on the company's appeal.

Upon the de-listing of the company, it would continue to exist but as an unlisted entity.

Bursa Securities said the company can continue its operations and business and proceed with its corporate restructuring and its shareholders can still be rewarded by the company's performance.

However, the shareholders will be holding shares which are no longer quoted and traded on Bursa Securities.

In the second quarter ended April 30, 2014, it posted net loss of RM12.09mil compared with losses of RM10.79mil a year ago.

In the first six months, its net losses were RM25.07mil compared with RM21.48mil in the previous corresponding period.