R&A Telco share price plunges on de-listing fears

KUALA LUMPUR: R&A Telecommunication Group Bhd’s share price fell to a low of 1.5 sen on Wednesday after it was placed under Guidance Note 3 (GN3) of Bursa Malaysia Securities Bhd.

At 11.03am, it was down two sen to two sen. There were 57.20 million shares traded at prices ranging from 1.5 sen to three sen.

The FBM KLCI fell 8.76 points or 0.48% to 1,818.66. Turnover was 730.67 million shares valued at RM424.86mil. There were 248 gainers, 327 losers and 266 counters unchanged.

R&A announced on Tuesday the GN3 criteria was triggered when the auditors expressed a disclaimer opinion in the company’s latest audited financial statements for FY ended Dec 31, 2014 which was announced on April 30, 2015.

R&A said it had to submit to Bursa Securities a regularisation plan and obtain Bursa Securites’ approval to implement the plan within 12 months from the date of this announcement.

It also faced the possibility of being delisted unless it could regularise its financial condition.

R&A said it was evaluating various options to draw up a regularisation plan to address its GN3 status. It would make the necessary announcement on the regularisation plan in due course.