KUALA LUMPUR: Singer Malaysia Sdn Bhd will be the white knight that will help regularise Practice Note 17 company Berjaya Media Bhd (BMedia).
Singer, which is a private company owned by BMedia’s major shareholder, Tan Sri Vincent Tan Chee Yioun will be injected into BMedia pursuant to the latter’s regularisation plan, an announcement to Bursa Malaysia said.
BMedia’s share price fell yesterday by 58.54% to 8.5 sen as investors reacted to the news that it would be facing a suspension after Bursa Malaysia Securities rejected its application for further extension to submit its revamp plan.
BMedia said Bursa Securities had last Friday rejected the request for more time to submit a regularisation plan to the regulatory authorities.
Bursa Securities had notified BMedia on the suspension and de-listing of the securities of BMedia due to its failure to enter into a definitive agreement with a white knight by Oct 20.
It said that trading would be suspended from Nov 5 and delisted on Nov 7 unless an appeal against the de-listing was submitted to Bursa Securities on or before Nov 4.
If the company submits an appeal to Bursa Securities within the appeal timeframe, the removal of the securities of the company shall be deferred pending the decision on the company’s appeal, it added.
“Currently, Singer is in the midst of resolving a technical issue with Suruhanjaya Syarikat Malaysia (SSM) on its audited financial statements and hence, required additional time to finalise the plan and sign the definitive agreements, ” BMedia said in its announcement.
“In view that BMedia had failed to obtain the extension of time from Bursa Securities, BMedia will submit an appeal to Bursa Securities to seek for the extension of time to enable the company to finalise the plan”.
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