Friday, July 15, 2011

Stamford College succeeds in securing principal adviser

KUALA LUMPUR: STAMFORD COLLEGE BHD [] has appointed M & A Securities Sdn Bhd as the principal adviser of the company to undertake the regularisation exercise of its financial position.

It said on Friday, July 15 the regularisation of the financial position was necessary for the upliftment from its Practice Note 17 status.

Bursa Malaysia Securities had given it until July 12 to appoint a principal adviser.

Stamford College had also until Oct 4 to submit the revamp plan to the relevant authorities for approval.

To recap, trading in its shares had been suspended since Aug 3, 2010. To recap, Bursa Securities rejected Stamford College's regularisation plan July last year.

The exchange had said the steel manufacturing business which commenced operations in February 2010, has yet to demonstrate that it was able to generate profits and positive cashflows, or proven to be a viable business.

It had also said the steel manufacturing business may be subjected to further funding requirements and therefore, could affect the enlarged group's ability to manage the resources required for the group's operations.

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