Sarawak Cable, Annum face delisting after rejected extension appeal
KUALA LUMPUR (May 21): Bursa Malaysia Securities Bhd (Bursa Securities) announced that Sarawak Cable Bhd and Annum Bhd are facing delisting from the stock exchange after their respective applications for a further extension of time to submit their regularisation plans were rejected.
In separate filings to Bursa Malaysia, the exchange said trading in both securities will be suspended with effect from May 28, 2025.
'The securities of the companies will be delisted on May 30, 2025 unless an appeal against the delisting is submitted to Bursa Securities on or before May 27, 2025.
'Any appeal submitted after the appeal timeframe will not be considered,' it said.
The exchange said in the event that the companies submitted appeals to Bursa Securities within the appeal timeframe, the delisting of the securities of the companies from the official list of Bursa Securities on May 30, 2025 will be deferred pending the decision on the appeal.
However, Bursa Securities said it will proceed to suspend the trading of both companies' securities on May 28, 2025 even though the decision on the appeal is still pending.
The exchange noted that upon the delisting, the companies will continue to exist but as an unlisted entity and are still able to continue their operations and business and proceed with their corporate restructuring and the shareholders can still be rewarded by the companies performance.
'However, the shareholders will be holding shares which are no longer quoted and traded on Bursa Securities. The interests and rights of the shareholders will remain safeguarded under the Companies Act 2016,' it said.
Meanwhile, Annum said it is submitting its appeal against Bursa Securities decision on the suspension and delisting of its securities.
In a filing with Bursa Malaysia yesterday, Annum said that further development on the suspension and delisting of the securities of the company will be announced in due course. – Bernama Annum Bursa Malaysia delisting Sarawak Cable
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
2 hours ago
- The Star
Dialog 4Q profit up 6.5% to RM147mil, declares 1.8 sen dividend
PETALING JAYA: Dialog Group Bhd will be keeping its focus while remaining steadfast as it moves ahead in the pursuit of its key long-term strategies, as the group stays confident that its business model is well structured to manage and sustain it through periods of economic uncertainty, oil price volatility and currency movements. Dialog said its core business remains intact as the group realigns its focus to prioritise key competencies across all three of its upstream, midstream and downstream business segments. Releasing its results for the fourth quarter (4Q25) and full financial year (FY25) ended June 30, Dialog saw net profit grow 6.5% year-on-year (y-o-y) for 4Q25 to RM147.4mil, despite a 24.9% fall in revenue to RM608.3mil. Dialog said the improved profitability in 4Q25 was due to contributions from both Malaysia and international operations, as well as share of profits from the group's joint ventures and associates. 'Within Malaysia, performance was driven primarily by midstream operations which reported increased earnings from healthy tank storage occupancy. 'The current quarter also saw positive contributions from the downstream operations driven by cost optimisation initiatives and completion of some projects,' it reported in a filing to Bursa Malaysia. On the international front, the group said revenue and profits achieved in 4Q25 were lower due to reduced business activities. Furthermore, the sale completion of its entire 60% equity interest in Dialog Jubail Supply Base during the quarter also drove international operations earnings and revenue lower. On the other hand, net profit for the full FY25 plunged 47.2% y-o-y to RM303.8mil, as revenue also declined by 20.6% to RM2.5bil, which Dialog attributed primarily to the loss after tax reported in 2Q25, largely due to the one-off impairments in petrochemical and renewable projects, as well as engineering, procurement, construction, and commissioning projects cost overruns. 'In addition, the group's bottom line for the current financial year was also impacted by a reduced share of profits of joint ventures and associates. 'This was mainly attributable to the share of losses incurred by a joint venture company involved in the production of food grade recycled polyethylene terephthalate pellets. This joint venture company has since ceased production,' it said. Compared to the preceding three months ended March 31, Dialog saw revenue improving 5.1% from RM578.8mil, and led to net profit also growing by 9.2% from RM135mil. The group credited the better sequential performance to higher contributions from joint ventures and associates. Dialog proposed a dividend of 1.8 sen a share for 4Q25, bringing total dividends declared for the year to 3.1 sen per share. The total dividends declared for FY24 was 4.3 sen per share. Anticipating the economic environment to remain challenging in the short to medium term, Dialog plans to continue building and strengthening its competencies by investing in and upskilling its workforce, as well as in digital transformation to ensure peak efficiency and competitiveness. 'Barring any unforeseen circumstances, we are optimistic of a positive performance in the financial year ending June 30, 2026,' it said.
Free Malaysia Today
2 hours ago
- Free Malaysia Today
Bursa pares most early losses to close marginally lower
KUALA LUMPUR : Bursa Malaysia pared most of its earlier losses to close marginally lower as profit-taking was offset by selective buying in heavyweights, amid cautious sentiment in regional markets, a dealer said. UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Sedek Jantan said the broader market sentiment today remained guarded ahead of policy signals from the US Federal Reserve's Jackson Hole Economic Policy Symposium later this week. 'Sector rotation was evident, with industrials outperforming on the back of a double-digit rally in petrochemicals, while plantations and consumer cyclicals also showed strength – underscoring resilient domestic demand amid external policy uncertainty,' he told Bernama. Meanwhile, Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng viewed today's profit-taking as a healthy correction since it allows the market to digest the recent strong uptrend. 'The FTSE Bursa Malaysia KLCI (FBM KLCI) is holding well above the key 1,585 support mark, which sets the stage for further gains. 'Barring any external shocks, we expect the benchmark index to trade within the 1,570 to 1,600 range throughout the week,' he said. At 5pm, the FBM KLCI slipped 2.03 points, or 0.13%, to close at 1,588.21 from Tuesday's close of 1,590.24. The benchmark index opened 2.21 points lower at 1,588.03, and moved between 1,583.40 and 1,591.04 throughout the day. The broader market was negative with decliners outpacing advancers 647 to 376, while 487 counters were unchanged, 1,084 untraded and 16 suspended. Turnover narrowed to 2.55 billion units worth RM2.5 billion from 2.6 billion units worth RM2.74 billion yesterday. Among the heavyweights, Maybank and Public Bank were flat at RM9.80 and RM4.46, respectively. Tenaga Nasional declined six sen to RM13.66, CIMB fell three sen to RM7.36, while IHH Healthcare rose three sen to RM6.88. Of the most active counters, Vantris Energy eased 0.5 sen to 3.5 sen, Sime Darby trimmed one sen to RM1.75, while Zetrix AI added one sen to 87.5 and Tanco was flat at 73 sen. Across the broader market, the FBM Emas Index decreased 29.58 points to 11,782.83, the FBMT 100 Index shed 29.35 points to 11,568.30, the FBM Emas Shariah Index gave up 32.06 points to 11,699.34, the FBM 70 Index dropped 106.51 points to 16,603.46, while the FBM ACE Index slipped 13.77 points to 4,695.92. By sector, the financial services index slid 20.36 points to 18,165.14, the plantation index garnered 46.12 points to 7,592.60, the industrial products and services index perked up 1.61 points to 160.73, and the energy index eased 0.93 of-a-point to 749.29. The Main Market volume dipped to 1.46 billion units valued at RM2.28 billion from yesterday's 1.49 billion units valued at RM2.51 billion. Warrants turnover improved to 780.41 million units worth RM93.66 million from 732.43 million units worth RM101.91 million previously. The ACE Market volume declined to 310.2 million units worth RM124.67 million from 375.68 million units worth RM134.87 million yesterday. Consumer products and services counters accounted for 247.19 million shares traded on the Main Market; industrial products and services (235.22 million), construction (146.13 million), technology (189.98 million), financial services (82.44 million), property (176.76 million), plantation (25.02 million), REITs (21.21 million), closed-end fund (3,000), energy (186.91 million), healthcare (32.64 million), telecommunications and media (47.13 million), transportation and logistics (34.33 million), utilities (38.49 million), and business trusts (11,600).
The Star
2 hours ago
- The Star
TSH Resources 2Q net profit jumps to RM49.23mil
KUALA LUMPUR: TSH Resources Bhd reported a higher net profit of RM49.23 million for the second quarter ended June 30, 2025 (2Q FY2025) from RM20.63 million in the same period last year, supported by improved productivity and higher palm product prices. In a filing with Bursa Malaysia today, the oil palm plantation group said revenue also rose to RM268.77 million from RM252.52 million previously. For the first half (1H) of 2025, net profit more than doubled to RM97.42 million against RM40.70 million in the corresponding period last year, while revenue increased to RM544.10 million from RM494.90 million previously. TSH Resources said the group registered higher revenue for 2Q FY2025, mainly due to increased revenue from the palm products segment by RM19.3 million. It said higher revenue from the palm segment in 2Q FY2025 was mainly attributable to increased sales volumes of crude palm oil (CPO) and palm kernel (PK), as well as a higher average PK selling price, despite a slightly lower average CPO selling price. On prospects, TSH Resources said the group remains confident in delivering a satisfactory full-year performance in 2025 with a strong balance sheet, net cash position as of 2Q 2025, and consistent cash flow, providing a solid foundation for future growth, despite external challenges. "The group is progressing with its new planting programme, which is set to expand planted hectarage over the coming years, supporting future productivity and enhancing shareholder value," it said. - Bernama
