KUALA LUMPUR (July 25): Iqzan Holdings Bhd (KL:IQZAN) will be delisted from Bursa Malaysia next Tuesday (July 30) after the regulator dismissed an appeal from the company for a further extension of time to submit its regularisation plan.

“Upon the delisting of the company, the company will continue to exist but as an unlisted entity. The company is still able to continue its operations and businesses and proceed with its corporate restructuring and its shareholders can still be rewarded by the company’s performance. However, the shareholders will be holding shares which are no longer quoted and traded on Bursa Securities,” the Main-Market listed entity’s bourse filing showed on Thursday.

Previously, the Practice Note 17 (PN17) company said it had submitted an application for a further extension of six months until Dec 8, 2024 to submit its regularisation plan to Bursa Securities.

At that time, the company said it was preparing and formulating its regularisation plan.

Iqzan, formerly known as Ire-Tex Corp Bhd, was required to submit the plan on June 8, 2024, but failed to meet the deadline. This was the fifth extension granted to the group after previously missing its initial deadline of Nov 2021, as well as the subsequent deadlines of May 2022, Nov 2022, March 2023 and June 2023.

It fell into the PN17 status in Nov 2019 after its auditors had expressed a disclaimer of opinion on its audited financial statements for the 18-month financial period ended June 30, 2019.

Incorporated in 1995 in Kulim, Kedah, Izqan was listed on the Main Board of Bursa Malaysia under industrial products and services on Feb 18, 2004. The group is involved in the manufacturing of wooden crates, pallets and other related wood products.

The group incurred an annual net loss of a whopping RM17.11 million for the financial year ended March 31, 2024 (FY2024), against a net profit of RM776,000 in FY2023, as revenue fell 46.53% to RM8.82 million, from RM16.49 million a year before.

Trading in Iqzan's share price has been suspended since September last year.