Majuperak granted time extension up to April 12 to submit regularisation plan

KUALA LUMPUR (Nov 1): Majuperak Holdings Bhd has been granted a time extension of up to April 12, 2023 by Bursa Malaysia to submit its regularisation plan to the relevant regulatory authorities.

In a filing with Bursa Malaysia on Tuesday, the company said that it on Oct 7 submitted an application for further extension of 12 months up to Oct 10, 2023 to Bursa Malaysia to submit its regularisation plan to the relevant regulatory authorities.

Majuperak was classified as an affected issuer after it triggered Paragraph 8.03A(2)(b) of Bursa Malaysia's Main Market Listing Requirements.

The company was deemed to have insignificant business or operations after its unaudited financial statements for the financial year ended Dec 31, 2019 showed that the company had recorded a yearly revenue of RM6.28 million on a consolidated basis, less than 5% of its share capital of RM179.59 million.

Majuperak said the time extension is without prejudice to Bursa Malaysia's right to proceed to suspend the trading and to de-list the company in the event that it fails to submit the regularisation plan on or before April 12, 2023, fails to obtain the approval from any of the regulatory authorities necessary for the implementation of its regularisation plan, or fails to implement its regularisation plan within the time frame or extended time frame stipulated by any of the regulatory authorities.

"Upon the occurrence of any of the events set out, Bursa Malaysia may suspend the trading of the listed securities of Majuperak on the sixth market day after the date of notification of suspension by the exchange and de-list the company, subject to the company's right to appeal against the de-listing," it added.