TXCD Bhd has voluntarily withdrawn its application for a proposed regularisation plan after feedback from the relevant authorities indicated that the proposed transfer of its listing status would constitute a significant change in the company’s business direction or policy.
The company said it withdrew the application submitted to Bursa Malaysia Securities on April 1, 2026, after taking into consideration feedback received from the relevant authorities.
The proposed regularisation plan comprised six components — a proposed capital reduction, share exchange, ICPS exchange, transfer of listing status, reorganisation and private placement.
According to TXCD, the authorities had indicated that the proposed transfer of the company’s listing status to RCV, together with the introduction of AKSB as a subsidiary of RCV, was deemed a significant change in business direction or policy under the Equity Guidelines issued by the Securities Commission Malaysia.
In light of the development, TXCD said it will formulate a revised regularisation plan, taking into consideration the relevant requirements under the Equity Guidelines.
The company said a further announcement will be made once the revised regularisation plan has been finalised.
