Tuesday, December 20, 2011

Vastalux to be suspended on Dec 29, delisted Jan 3

Larger Smaller Reset KUALA LUMPUR: VASTALUX ENERGY BHD [], listed in September 2008, will see its shares suspended from trading on Dec 29 and delisted on Jan 3 after Bursa Malaysia Securities rejected its application for more time to submit its regularisation plan.

A Bursa Securities circular said on Tuesday the company had failed to submit its regularisation plan to the Securities Commission or Bursa Securities for approval within the timeframe under Bursa Securities Main Market Listing Requirements.

It said the suspension and delisting would take effect 'unless an appeal is submitted to Bursa Securities on or before Dec 28', it said.

Bursa Securities said any appeal submitted after the appeal timeframe would not be considered. However, if the company submitted an appeal to Bursa Securities within the appeal timeframe, the removal of the securities on Jan 3 would be deferred pending the decision on the appeal.

Vastalux, which is involved in the oil and gas (O&G) sector, closed 0.5 sen higher at 8.5 sen with 6.23 million shares done on Tuesday.

The group fell into the Practice Note 17 (PN17) category in November 2010 and it had until November this year to submit a regularisation plan.

To recap, Vastalux chairman Rosthman Ibrahim told The Edge Financial Daily on July 1 this year the company had until Nov 25 to put up a regularisation plan.

The regularisation proposal would have to come in with the proposal for a white knight, Rosthman said.

He had then said the group was approached by several interested parties including property and O&G players.

Rosthman said the new investor would have to inject acceptable assets and business into the group, as currently the group is merely a shell company.

Its unit Vastalux Sdn Bhd (VSB), which held its core business of O&G service provider, had been under liquidation since Dec 16 last year.

Vastalux then de-consolidated VSB from its accounts. Prior to the liquidation, VSB had proposed a debt restructuring scheme to its creditors, which among others included a proposal for creditors to take up to a 50% 'hair cut' on the amount owed to them.

However, the proposal was rejected by the creditors, which included Alam Maritim (M) Sdn Bhd, the largest creditor with RM146.8 million owed by VSB out of total debts of RM174.4 million.

Alam Maritim is a unit of ALAM MARITIM RESOURCES BHD []. Alam Maritim is classified as unsecured scheme creditors, class 2, under the proposed debt restructuring scheme.

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