Global Carriers faces PN17 suspension, delisting

PETALING JAYA: Global Carriers Bhd, which failed to submit its regularisation plan to Bursa Malaysia Securities Bhd, will be suspended with effect from Oct 27, 2014 and delisted on Oct 29, 2014.
This is unless an appeal against the delisting is submitted to Bursa Securities on or before Oct 24, 2014 (the appeal timeframe). Any appeal submitted after the appeal timeframe will not be considered by Bursa Securities.
Global Carriers had failed to submit its regularisation plan to Bursa Securities for approval within the timeframe stipulated under the Bursa Securities Main Market Listing Requirements and the company's application for a further extensions of time to submit its regularisation plan was also rejected.
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 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.