Nylex has been issued a notice to show cause on the commencement of suspension and de-listing procedures by Bursa Securities under the Listing Requirements.
The Exchange has noted that Nylex has failed to regularise its condition where the company had failed to submit the proposed regularisation plan to the Securities Commission or Bursa Securities for approval within the stipulated timeframe of 26 July 2023 and the Company’s application for a further extension of time until 26 January 2024 to submit the proposed regularisation plan had been rejected by Bursa Securities on 16 August 2023.
In view of the above, Bursa Securities has informed the Company to make written representations supported by documentary evidence to Bursa Securities within five market days from the date of the Notice.
The company will have to inform the regulator on why a suspension should not be imposed on the trading of the securities of the Company; and why the securities of the Company should not be de-listed from the Official List of Bursa Securities.
