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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.

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Bursa Malaysia Securities Bhd has decided to dismiss Prime Utilities Bhd’s appeal and to de-list the securities of the company on April 2, 2010.

In a statement, Bursa said the decision was made after due consideration of all the facts and circumstances of the matter including the company’s representation that it could recover from its financial condition by 2012.

“Accordingly, the securities of prime will be removed from the official list of Bursa Securities on April 2.

“Prime is required to communicate Bursa Securities’ decision to its shareholders,” it said.

The stock exchange regulator said upon delisting Prime would continue to exist but as an unlisted entity.

“Prime is still able to its operations and business and proceed with its corporate restructuring and the shareholders can still be rewarded by the company’s performance,” Bursa said.

“However, shareholders will be holding shares which are no longer quoted and traded on Bursa Securities,” it added.

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• Delisting – Stamford College Bhd
• Idaman Unggul to be delisted

Bursa Malaysia has decided to disallow Idaman Unggul Bhd’s appeal and will de-list the securities of the company after due consideration of all the facts and circumstances of the matter.

In a statement yesterday, it said the securities of Idaman will be removed from the Official List of Bursa on Dec 23 and Idaman was required to communicate Bursa’s decision to its shareholders.

Upon its de-listing, Idaman would continue to exist but as an unlisted entity. Idaman would still able to continue its operations and business and proceed with its corporate restructuring and the shareholders could still be rewarded by the company’s performance.

However, the shareholders would be holding shares which were no longer quoted and traded on Bursa.

Related Posts:

• Delisting – Stamford College Bhd
• Prime Utilities will be delisted