Tuesday, January 4, 2011

#Flash* Maxbiz slides after resuming trading

KUALA LUMPUR: Shares of Maxbiz Corp Bhd fell in early trade on Tuesday, Jan 4 when trading resumed after Bursa Malaysia Securities Bhd deemed it had triggered the Practice Note 17 criterion.

At 9.13am, it was down five sen to 15 sen with 2.59 million shares done.

However, the FBM KLCI was up 4.52 points to 1,537.94. Turnover was 127.09 million shares valued at RM95.28 million. Advancers thumped decliners 253 to 62 while 162 counters were unchanged.

Maxbiz was directed by Bursa Malaysia Securities to make an immediate announcement in accordance with Paragraph 4.0 of PN 17 that it has triggered the prescribed criterion under paragraph 2.1(f) of PN 17.

To recap, Bursa Securities had granted an extension until Dec 27, 2010 for Messrs. Gomez & Co to complete and submit its PN 17 assessment report to Bursa but the said report was not submitted to Bursa Securities by the due date.

Hence, Bursa Securities deemed the company had failed to comply with the requirements and obligations as stated in the Bursa Securities' letters dated Nov 10, Dec 9 and Dec 24, 2010 respectively.

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