KUALA LUMPUR, Oct 26 — Berjaya Media Berhad that publishes English daily theSun could be delisted from Bursa Malaysia after it said it could not find a “white knight to” to steady its finances.
It said in an exchange filing yesterday that its shares would be suspended from November 5 for a possible delisting two days later unless this is appealed.
“Berjaya Media has failed to (enter) into a definitive agreement with a proposed white knight by October 20, 2019, as stipulated in Bursa Securities’ letter dated June 25, 2019 and the company’s application for a further extension of time to enter into the definitive agreement and to submit its regularisation plan to the relevant authorities for approval had been rejected by Bursa Securities,” it said in the filing.
Shares of the company that is 38.9 per cent owned by tycoon Tan Sri Vincent Tan were not traded yesterday.
Bursa Malaysia slapped the Practice Note 17 (PN17) status on the firm in June 2017, indicating it was financially distressed and must propose a restructuring of its finances to maintain its listing.
It was last traded on October 23 at a price of 20.5 sen, with a market capitalisation of RM48.19 million.
Delisting does not mean the newspaper must stop as the company could continue operating as a delisted entity.