Bina Goodyear plunges as much as 64.52% on the rejection of restructuring plan

PETALING JAYA: Bina Goodyear Bhd shares plunged as much as 64.52% yesterday to a nine-month low of 5.5sen, after Bursa Malaysia rejected its regularisation plan.
Its share price dropped 10 sen or 64.52% to as low as 5.5 sen, before closing at 6.5 sen, down 9 sen or 58.06%, with some 3.22 million shares changing hands.
Bursa Malaysia opined that the restructuring plan is not sufficiently comprehensive and is incapable of addressing financial woes, resulting in the suspension of its shares with effect from August 12.
Bina Goodyear, a Practice Note 17 company, has until September 3 to submit an appeal to the regulator, otherwise it will be delisted on September 8.
It said the board will deliberate on the next course of action and will make the relevant announcement in due course.
Upon the de-listing, Bina Goodyear will continue to exist but as an unlisted entity. It is still able to continue the operations and business 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.