KUALA LUMPUR: London Biscuit Bhd tumbled over 35% this morning after it was classified as an affected listed issuer under Practice Note 17 (PN17).
The confectionery manufacturer tumbled 35.42%, or 8.5 sen to its record low of 15.5 sen, with 39 million shares traded.
London Biscuits became a PN17 company after it defaulted on a debt payment of RM9.83mil to Bank of Nova Scotia Bhd on July 3.
The bank has also not been able to provide a solvency declaration to Bursa.
London Biscuits is required to submit a regularisation plan to the Securities Commission Malaysia or Bursa Malaysia within the next 12 months, depending on whether the plan would significantly change its business direction.
Last week, the group said its executive director Datuk Ranjeet Singh Sidhu and chief financial officer Edmund Loo Seng Kit had voluntarily resigned, after just two weeks in office.
Its independent and non-executive director Leslie Looi Meng also quit.
Its chairman Datuk Seri Liew Kuek Hin has also tendered his resignation due to health reasons. The 80-year-old, who controls 21.73% of the group via private unit Meileelanusa Sdn Bhd, had led the group for the past 26 years.