KUALA LUMPUR (July 25): Jerasia Capital Bhd has managed to stay its July 26 delisting from Bursa Malaysia at the eleventh hour after appealing to the local stock exchange's operator.

In a filing on Tuesday (July 25), Bursa Securities said the removal of the company's securities from the local bourse will be deferred pending a decision on the appeal.

On July 13, Bursa announced that it would commence delisting procedures against Jerasia starting Wednesday (July 26) as the apparel manufacturer and fashion retailer had failed to submit its regularisation plan to Bursa for approval within the extended timeframe of July 12.

However, Jerasia had an option to appeal against the delisting to Bursa Securities on or before July 21.

Jerasia had triggered Practice Note 17 (PN17) criteria on Jan 31, 2022 as its shareholders’ equity on a consolidated basis was 25% or less than its share capital.

Jerasia shares were suspended on April 25, following the wind-up order from Kuala Lumpur High Court against the company over unpaid debts amounting to RM28.81 million by its wholly-owned subsidiary Canteran Apparel Sdn.

The counter was last traded at half a sen, giving the company a market capitalisation of RM410,000.

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