PETALING JAYA: Practice Note 17 (PN17) company Reneuco Bhd
will be delisted from the official list of Bursa Malaysia on May 12, after its appeal for a further extension of time to submit the regularisation plan was dismissed.
“With respect to the securities of the company which are currently deposited with Bursa Malaysia Depository Sdn Bhd, the securities will be withdrawn from Bursa Depository by the company upon the de-listing of the securities from the Official List of Bursa Securities.
“The company will continue to update and maintain the shareholders' information in their register.”
Upon delisting, Reneuco said it will continue to exist but as an unlisted entity.
“The company is still able to 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. “The interests and rights of the shareholders will remain safeguarded under the Companies Act 2016. “
Reneuco fell under PN17 in February 2024 after its auditors said they could not obtain sufficient evidence to form a basis for an audit opinion on the group’s financial statements.
