MPCorp faces delisting as Bursa rejects request for more time to submit regularisation plan

KUALA LUMPUR (Aug 11): Malaysia Pacific Corp Bhd (MPCorp) has said trading of its shares will be suspended with effect from Aug 19, following Bursa Securities' rejection of its request for a further extension of time to submit its regularisation plan.

In a filing with Bursa, the property group added that it faces the risk of being delisted on Aug 23 unless it files an appeal against the delisting by Aug 18.

The Practice Note 17 (PN17) group had up to June 30 to submit its regularisation plan to Bursa.

It slipped into the PN17 status in December 2014, after its external auditor expressed a disclaimer opinion on its audited accounts for the financial year ended June 30, 2014. The auditor was not able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion.

For the cumulative nine months ended March 31, 2022, MPCorp registered a net loss of RM1.17 million, versus a net profit of RM227,000 a year earlier, as revenue dropped 60.06% to RM3.47 million from RM8.68 million due to slow construction progress and low revenue recognition from its joint venture project.

MPCorp shares were last traded at six sen, giving the group a market capitalisation of RM17.26 million.