PETALING JAYA: Practice Note 17 company (PN 17) APFT Bhd has appealed to Bursa Malaysia Securities Bhd against the delisting of its securities.
The aviation training provider is also requesting the regulator to approve its application for a third extension of time to submit its proposed regularisation plan.
“Given that the appeal was submitted within the appeal time frame on or before March 11, the removal of the securities of the company from the Bursa on March 16 shall be deferred pending the decision by Bursa on the appeal,“ APFT said in a stock exchange filing.
Last week, Bursa Securities rejected APFT Bhd’s third extension of time application, noting that trading in its shares will be suspended from March 12.
The reason behind the rejection was that the company did not demonstrate to the satisfaction of Bursa any material development towards the finalisation and submission of the regularisation plan to the regulatory authorities.
APFT was supposed to submit its proposed regularisation plan before Jan 18. It has been a PN17 company since January 2018 after the shareholders’ equity fell below the 50% threshold.
On Tuesday, the company proposed to acquire educational assets from HELP International Corp Bhd, as part of its proposed regularisation plan.