PETALING JAYA: Stamford College Bhd will be delisted from Bursa Malaysia after Bursa Securities rejected its application to extend further the deadline to submit its regularisation plan for approval.
In a filing with the exchange, the company said its securities would be removed from Bursa Securities’ official list on Monday next week.
Earlier this month, Stamford College made an application to extend the time to submit its regularisation plan by four months to Feb 4, 2012.
Last year, Bursa Securities had rejected the Practice Note 17 (PN17) company’s proposed regularisation plan which involved the acquisition of a steel manufacturing business.
The rejection was based on concern that the proposal was not sufficiently comprehensive to resolve all problems, financial or otherwise, that had caused Stamford College to trigger the PN17 criteria.
Bursa Securities said the group’s steelmaking business, which only began operation in February 2010, had yet to show that it was able to generate profits and positive cashflows or be proven to be a viable business.
Moreover, the steel manufacturing business depended highly on a single supplier and single customer, which was a related party, to sustain its business operations.
As for the core education business, there was uncertainty whether the profits to be generated from it would be able to sustain the group’s performance.
The company made a net loss of RM1.1mil on revenue of RM4.86mil for the second quarter ended June 30.
In a filing with the exchange, the company said its securities would be removed from Bursa Securities’ official list on Monday next week.
Earlier this month, Stamford College made an application to extend the time to submit its regularisation plan by four months to Feb 4, 2012.
Last year, Bursa Securities had rejected the Practice Note 17 (PN17) company’s proposed regularisation plan which involved the acquisition of a steel manufacturing business.
The rejection was based on concern that the proposal was not sufficiently comprehensive to resolve all problems, financial or otherwise, that had caused Stamford College to trigger the PN17 criteria.
Bursa Securities said the group’s steelmaking business, which only began operation in February 2010, had yet to show that it was able to generate profits and positive cashflows or be proven to be a viable business.
Moreover, the steel manufacturing business depended highly on a single supplier and single customer, which was a related party, to sustain its business operations.
As for the core education business, there was uncertainty whether the profits to be generated from it would be able to sustain the group’s performance.
The company made a net loss of RM1.1mil on revenue of RM4.86mil for the second quarter ended June 30.
