Sumatec Resources Bhd, which obtained Practice Note 17 (PN17) status, will be delisted from the main market of Bursa Malaysia on March 24 (Thursday).
According to the company’s filing on the Exchange, under paragraph 16.11 (2) (d) (ii), the Main Market Listing Requirement states that the stock market operator is to delist the listed issuer after the company’s liquidation process.
On a filing dated December 27, 2021, Sumatec stated that the company would not challenge the law or the proceedings imposed by the dissolution order granted by the High Court.
In the report again, *the liquidator stated that Sumatec failed to arrange its financial position in accordance with PN17, so it has no objection to the delisting of the company.
*Asset regulator who collects all company assets and settles company claims.
As a scan, Sumatec has confirmed its liquidation in August 2018 after failing to pay the bondholder, Kerisma Bhd; Capone Bhd; and Prima Uno Bhd; of RM83.31 million from 3 secured loans received.
PN17 status was imposed after the auditors found that the company's audited report for the financial year ended 31 December 2017 did not meet the target.
Later, the shares of the oil and gas operator have been suspended since November 2019 after it failed to submit a quarterly report to the Exchange.
The counter was last traded at 5 sen with a market value of RM21 million.
