PETALING JAYA: Utusan Melayu (Malaysia) Bhd is likely to be delisted tomorrow as it has not made an appeal to Bursa Securities.
The group had to make the appeal on or before August 27 to avert delisting following its Practice Note 17 (PN 17) status.
However, it said in a filing with the stock exchange that no appeal had been made.
Trading in its shares was suspended yesterday with last traded price of 5.5 sen.
Utusan Melayu became a PN 17 company in August last year after it defaulted on loan payments to Maybank Islamic and Bank Mualamat totaling RM1.18 million.
Due to cash flow constraints and the losses incurred in the first two quarters of the year, the group has not been able to meet the requirement to uplift the status.
In addition, it also failed to secure an investor to revive its business due to its huge debt burden amouting to RM139.19 million as at June 30, 2019.
In an effort to remain in operations, the group has increased the cover price for its Utusan Malaysia and Kosmo! by 50 sen, after nearly ceasing publications due to a strike by its employees over unpaid wages.
For the first half of 2019, Utusan Melayu reported a net loss of RM12.09 million against RM52.66 million in revenue.
source https://www.thesundaily.my/business/utusan-melayu-likely-to-be-delisted-tomorrow-EY1313868
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