KUALA LUMPUR (Dec 16): Global Carriers Bhd said Bursa Securities has dismissed the company’s appeal for an extension of time until June 2015 to submit its regularisation plan to the relevant authorities for approval.
As a result, the Practice Note 17 (PN17) company will be delisted on Friday. (Dec 19)
Bursa Securities had considered, among others, the fact that Global Carriers has had 22 months to submit its regularisation plan since the first announcement on March 1, 2013 and as at Dec 11, 2014.
"In the opinion of Bursa Securities, adequate time and opportunity had been accorded to Global Carriers to regularise the company’s financial condition since its first announcement on March 1, 2013," said Global Carriers in a filing with Bursa Malaysia today.
"There was no reasonable justification to allow the extension of time in view that the company was still in the negotiation with the white knight and had yet to execute a definitive agreement with the white knight, the proposed reverse take-over was still very preliminary and hence, lacked certainty," said Bursa Securities in its letter dated Dec 16.
"There was no material development or progress in respect of the finalisation and/or submission of the company’s proposed regularisation plan as well as lack of clarity/certainty in the regularisation plan to address the business of the company and resolve all problems, financial or otherwise that had caused Global Carriers to trigger the PN17 criteria," the regulator added.
Global Carriers said upon the de-listing of the company, 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, shareholders will be holding shares which are no longer quoted and traded on Bursa," it added.
Trading of shares in Global Carriers has been suspended since Oct 27 this year.