Octagon again appeals against delisting

PETALING JAYA: Octagon Consolidated Bhd has again appealed against Bursa Malaysia Securities Bhd's decision to delist its shares from the Main Market tomorrow, after having had its first appeal rejected.
It also seeks the approval of Bursa Securities for an extension of time of up to 60 days from the date of the letter of appeal for it to submit its proposed regularisation plan.

Bursa Securities had on Sept 23 dismissed Octagon's an earlier appeal for an extension of time to resubmit the regularisation plan and decided to delist the company.

It said that since the first announcement on June 8, 2012, Octagon had three years and three months as at to-date to regularise its financial condition but it had failed to do so.
There was also no reasonable justification to allow the extension of up to 90 days for the company to resubmit a regularisation plan particularly in view of the company having "to start afresh" vis-a-vis the regularisation plan as the company had aborted its earlier regularisation plan that was submitted on June 19, 2014.
Bursa Securities also said that there is lack of certainty in the company's proposed regularisation plan, which was still at the preliminary stage. In addition, creditors' approval for the proposed new regularisation plan was required and the company had yet to obtain it.
Octagon has been reporting losses since the financial year ended Oct 31, 2009.