Premier Nalfin to be suspended tomorrow

PETALING JAYA: Premier Nalfin Bhd’s shares will be suspended from tomorrow, pending the outcome of an appeal that it plans to submit today for an extension of time application to regularise its condition as a cash company.

It said that in the event that Bursa Malaysia Securities Bhd decides to de-list the company, the shares of Premier Nalfin will be removed from Bursa Securities upon expiry of seven market days from the date of notification, while in the event Bursa Securities decides not to de-list the company, other action/penalty(ies) may be imposed on the company.

Premier Nalfin has been a Practice Note 16 company (cash company) since July 2011 following the disposal of its entire stake in three palm oil companies involved in the downstream operation.

Last month, Premier Nalfin, Emrail Consolidated Sdn Bhd, Magniplan Sdn Bhd, Noblemax Resources Sdn Bhd and Lingkaran Hartaniaga Sdn Bhd had mutually terminated a share sale agreement, aborting the proposed restructuring scheme as it would result in consequential changes to several proposals.

Its initial restructuring plan even involved the reverse takeover of Premier Nalfin by Emrail Sdn Bhd and an injection of the Kinrara-Damansara Expressway (Kidex) into Premier Nalfin apart from Emrail’s existing assets. But Emrail subsequently disposed of the entire 70% stake in Kidex Sdn Bhd.