Perwaja tumbles ahead of delisting

Posted on 21 April 2017

Source: The Star Online

Loss-making steel miller Perwaja Holdings Bhd's shares tumbled on Friday ahead of its impending delisting on May 4.

At 11.04am, it was down three sen to 2.5 sen. Turnover was 30.74 million shares.

Its loan stocks fell three sen to 1.5 sen and the warrants tumbled one sen to 0.5 sen.

Kinsteel Bhd, which owns 28.3% of Perwaja, fell 0.5 sen to 5.5 sen.

The FBM KLCI rose 7.78 points or 0.45% to 1,749.39. Turnover was 1.14 billion shares valued at RM641.68mil. There were 455 gainers, 239 losers and 371 counters unchanged.

 Bursa Malaysia Securities rejected Perwaja's application for an extension of time to submit its regularisation plan.

The regulator said trading in the securities will be suspended with effect from May 2 and delisted on May 4, 2017 unless an appeal against the de-listing is submitted to Bursa Securities on or before April 28, 2017.

 In the second quarter ended Dec 31, 2016, it posted net losses of RM62.90mil compared with net loses of RM164.96mil a year ago.

For the first half, its net losses were RM125.29mil compared with net losses of RM227.04mil in the previous corresponding period. 

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