Ailing steel maker Perwaja to be delisted on May 30

PETALING JAYA: Ailing steel maker Perwaja Holdings Bhd will finally be delisted from Bursa Malaysia Securities Bhd (Bursa Securities) on May 30, 2017 after four years of being a PN17 company.

Bursa Securities yesterday dismissed Perwaja’s appeal for an extension of time to submit the regularisation plan and decided to delist the company.
Perwaja submitted an appeal after its application for an extension of time to submit its regularisation plan was rejected. It was supposed to be delisted on May 4.

The loss-making steel maker was classified a PN17 company in 2013 and, in February this year, a planned RM1.8 billion injection to revive the group’s plant in Kemaman, Terengganu, by Chinese conglomerate Tianjin Zhiyuan Investment Group Co Ltd lapsed.

For the nine-month period ended March 31, 2017, Perwaja’s net loss stood at RM181.33 million versus RM294.95 million in the same period a year ago. Revenue fell 40.6% from RM498,000 to RM296,000.

Bursa Securities said the securities of Perwaja may remain deposited with Bursa Malaysia Depository Sdn Bhd notwithstanding the delisting.