Yasmin group may be white knight for Tracoma

KUALA LUMPUR: PN 17 company Tracoma Holdings Bhd may have found a white knight in Yasmin group to rescue it from being delisted.

Tracoma announced on Wednesday, Mar 23 it had inked a memorandum of understanding with Yasmin Holdings Sdn Bhd as part of a revised scheme plan via a corporate exercise to be determined later.

The announcement to Bursa Malaysia did not furnish details on the proposed restructuring exercise that the duo intend to undertake to regularise Tracoma.

Nonetheless, the announcement has sparked speculation on what measures the privately-held company could deploy to revive the ailing Tracoma.

Some quarters note that given the Yasmin group's wide-ranging businesses, it could be mulling a backdoor listing by injecting some of its assets into Tracoma.

The Yasmin group has interests ranging from real estate to oil and gas, education, high-end technology, agriculture and consumer services, Tracoma said in an exchange filing on Wednesday.

According Tracoma, the Yasmin group has been in operations for over 30 years and its key subsidiaries are involved in rust-proofng of vehicles, biometrics, on-shore and off-shore pipeline maintenance and healthcare education.

Tracoma has been suspended from trading since two weeks ago. Its board has submitted an appeal against the stock exchange's decision to delist the company's shares.

The company said it was seeking an extension of time to submit a regularisation plan to Bursa Malaysia.