Megasteel Sdn Bhd factory at Banting,
KUALA LUMPUR: Lion Corp Bhd faces a possible de-listing as Bursa Malaysia Securities Bhd has rejected its request for a time extension to Nov 30 to submit a regularisation plan.
In a filing with the exchange, the steel product manufacturer said the regulator had rejected its application as there was no material development towards the finalisation and submission of the regularisation plan to the authorities.
The trading in the securities of Lion Corp will be suspended with effect from Oct 10 and its securities will be de-listed on Oct 12 unless the company makes an appeal against the de-listing on or before Oct 7.
“The board will deliberate on the next course of action to be taken following the decision and will announce any developments in due course,” the company added.
Lion Corp, whose main business is the manufacture of flat steel products undertaken by 79%-owned subsidiary Megasteel Sdn Bhd, was classified as a Practice Note 17 issuer in October 2013.
StarBiz reported earlier this month that Megasteel, the country’s first integrated steel miller, had ceased operations at its 17-year old flat steel products plant in Banting, Selangor.
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