Bursa Securities issues show-cause notice to Anzo Holdings over suspension, delisting

KUALA LUMPUR (April 27): Bursa Securities had on Wednesday (April 27) given a show-cause notice to integrated contractor and timber service provider Anzo Holdings Bhd over the suspension and delisting of its securities from the official list of Bursa Malaysia.

In a bourse filing on Wednesday (April 27), Anzo said the regulator has informed the company to furnish it with representations by May 6 as to why a suspension should not be imposed on the trading of the securities of the company, as well as why Anzo should not be delisted from the local bourse.

"Further announcement(s) will be made to Bursa immediately upon any development/update in the matter," it added.

On April 26, Bursa had rejected Anzo's application for an additional six months until Oct 11 to submit its regularisation plan. In October 2019, the company had triggered Paragraph 8.03A(2)(b) of the Main Market listing requirements of Bursa Malaysia based on its fourth-quarter results for the financial year ended July 31, 2019 (FY19), when it had an insignificant business or operations. Its yearly revenue of RM6.2 million on a consolidated basis represented 5% or less than its share capital for FY19.

In a separate filing, Anzo said shareholders has rejected the re-appointment of Messrs CAS Malaysia PLT as its external auditor at its annual general meeting held on March 15. As such, Messrs Chengco PLT has been appointed as the new auditor of the company.

Anzo shares closed unchanged at 3.5 sen on Wednesday, bringing it a market capitalisation of RM34.18 million.