Java has until Dec 29 to submit regularisation plan to Bursa

PETALING JAYA: Practice Note 17 (PN17) Java Bhd has until Dec 29, 2017 to submit its regularisation plan to Bursa Malaysia Securities for approval, after the regulator agreed to give it more time to work on the plan.

In a filing with the stock exchange yesterday, the company said it has until Oct 1, 2017 to announce details of the plan. The company faces delisting from Bursa Securities in the event that it fails to make the announcement by Oct 1, 2017 or fails to submit its regularisation plan within the extended time frame.

Bursa Securities also has the right to delist the company’s securities if it fails to obtain approval for the implementation of its regularisation plan and does not appeal within the time frame; does not succeed in its appeal; or fails to implement its regularisation plan within the stipulated time frame.

Java, which is involved in timber logging, slipped into PN17 in January when it ceased the timber operation of its subsidiaries.