Tuesday, January 3, 2012

New substantial shareholder in Vastalux Energy

KUALA LUMPUR (Jan 3): VASTALUX ENERGY BHD [], which managed to avert the delisting of its securities, has seen the emergence of a substantial shareholder, Tengku Uzir Tengku Ubaidillah.

Tengku Uzir, who is a director of Gas Altimate Services Sdn Bhd, acquired the 16.25 million shares or a 7.89% stake from the open market on Dec 28.

His entry could be part of the corporate exercise to rescue Vasatlux, whose shares has been suspended from trading since Dec 29.

The company is in the midst of drawing up a regularisation plan.

Vastalux, which faced suspension and delisting on Jan 3, 2012, had managed to submit its appeal to Bursa Malaysia Securities on Dec 23 last year.

As it had submitted the appeal within the timeframe, the regulator had deferred the decision to remove the company's securities pending its Appeal Committee's decision.

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