Kinsteel appeals against suspension, delisting

PETALING JAYA: Ailing Kinsteel Bhd is appealing against Bursa Securities' decision to suspend and delist the company.
With the appeal, the removal of the securities of Kinsteel from Bursa Securities on January 9, 2018 will be deferred pending the decision on the appeal, according to the steel maker's filing with the stock exchange.
The suspension and delisting came after Kinsteel's application for a further extension of time to submit its regularisation plan was rejected by Bursa Securities last month.
For the first quarter ended September 30, 2017, the Practice Note 17 (PN 17) company reported a widened net loss of RM29.1 million against RM11.47 million in the previous corresponding period, due to the decrease in production of steel products as the group is in the midst of restructuring its debts with its lenders and the difficulty to obtain further credit facilities to procure raw material from suppliers.
Trading in Kinsteel shares has been suspended since last Friday.