Delisting on hold as Biosis appeals against Bursa decision

PETALING JAYA: Biosis Group Bhd has submitted an appeal to Bursa Securities yesterday on its decision to reject the company's proposed regularisation plan and the de-listing of its securities.
The company had announced on June 3 that its proposed regularisation plan had been rejected by the regulator and the trading in its securities was suspended from June 10.
Its securities would have been de-listed on July 7 if an appeal against the rejection was not submitted on or before July 2.
Following the submission of the appeal, the removal of its securities from the official list of Bursa Securities will be deferred pending the decision on the company's appeal.
Biosis first entered into Practice Note 17 (PN17) on June 26, 2013 when its auditors expressed an emphasis of matter on Biosis' ability to continue as a going concern.
The PN17 criteria was triggered as a result of its unaudited accounts for the financial year ended March 31, 2013 that was announced on May 31, 2013 where its shareholders' equity, on a consolidated basis, is 50% or less of the issued and paid-up capital.
For its financial year ended March 31, 2015, the company's net loss narrowed to RM2.7 million from RM40.8 million a year ago, as revenue grew almost 53% to RM13 million from RM8.5 million a year ago.
It attributed the losses to higher provision for doubtful debts on receivables and inventories written off in the preceding year while revenue growth was due to improved sales in the pharmaceutical segment.