Kinsteel down after Bursa rejects time extension request
28 Dec 2017 / 22:20 H.
PETALING JAYA: Kinsteel Bhd shares fell as much as 80% today after Bursa Malaysia Securities rejected its application for an extension of time to submit its regularisation plan.
The stock closed 1.5 sen or 60% lower at 1 sen today on some 47.86 million shares done.
Kinsteel, a PN17 company, will be suspended from Jan 5 and delisted on Jan 9, 2018.
Upon the delisting, 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 Malaysia Securities.