KUALA LUMPUR: NGIU KEE CORPORATION (M) BHD [] has averted the suspension and delisting of its securities after it managed to submit its appeal to Bursa Malaysia Securities Bhd on Wednesday, July 20, on the eve of its suspension.
Following the submission of the appeal, the company said the suspension and removal of the securities on Thursday, July 21 and July 25 would be deferred pending Bursa Securities' decision of the appeal.
The regulator had issued a statement on July 13 that trading would be suspended after Ngiu Kee failed to submit its regularisation plan to the Securities Commission or Bursa Securities for approval within the timeframe stipulated under the Main Market Listing Requirements.
Interestingly, two substantial shareholders have emerged in the company, acquiring 11.23% of the shares in the open market on July 15 and 19, as the share price fell sharply after the announcement of the delisting. The shares closed between 2.5 sen and three sen during that period.
A filing to the stock exchange showed Teng Bee Ling acquired 3.98 million shares or a 5.8% stake on July 15.
Another filing showed Yip Kum Fook acquired 3.73 million shares or 5.43% on Tuesday, July 19.
Ngiu Kee shares closed unchanged at three sen on Wednesday.
Following the submission of the appeal, the company said the suspension and removal of the securities on Thursday, July 21 and July 25 would be deferred pending Bursa Securities' decision of the appeal.
The regulator had issued a statement on July 13 that trading would be suspended after Ngiu Kee failed to submit its regularisation plan to the Securities Commission or Bursa Securities for approval within the timeframe stipulated under the Main Market Listing Requirements.
Interestingly, two substantial shareholders have emerged in the company, acquiring 11.23% of the shares in the open market on July 15 and 19, as the share price fell sharply after the announcement of the delisting. The shares closed between 2.5 sen and three sen during that period.
A filing to the stock exchange showed Teng Bee Ling acquired 3.98 million shares or a 5.8% stake on July 15.
Another filing showed Yip Kum Fook acquired 3.73 million shares or 5.43% on Tuesday, July 19.
Ngiu Kee shares closed unchanged at three sen on Wednesday.
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