KUALA LUMPUR (July 15): Berjaya Media Bhd (BMedia) will be delisted from the Main Market of Bursa Malaysia on Friday after Bursa Securities dismissed its appeal for an extension of time to submit its regularisation plan.

In a bourse filing yesterday, the publisher of The Sun newspaper said the regulator has decided to delist the company pursuant to Paragraph 8.04 of Bursa's Main Market Listing Requirements.

"Upon the delisting of the company, the company will continue to exist but as an unlisted entity. The company is still able to continue its operations and business and proceed with its corporate restructuring and its shareholders can still be rewarded by the company's performance," BMedia said.

"However, the shareholders will be holding shares which are no longer quoted and traded on Bursa Securities," it added.

The Practice Note 17 (PN17) company on June 17 requested Bursa Securities for an extension of time to submit its regularisation plan.

BMedia slipped into PN17 status in June 2017 after its shareholders' equity on a consolidated basis fell to less than RM40 million, representing 25% or less of its issued capital.

Trading of BMedia shares has been suspended since Nov 5, 2019, after its failure to enter into a definitive agreement with a white knight by Oct 20 that year.

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