PETALING JAYA: Bursa Malaysia Securities Bhd has rejected APFT Bhd’s third extension of time application and trading in its shares will be suspended from March 12.
The reason behind the rejection is that the company has not demonstrated to the satisfaction of Bursa any material development towards the finalisation and submission of the regularisation plan to the regulatory authorities.
Therefore, the aviation training provider has failed to comply with its obligation to regularise its condition to submit its regularisation plan and obtain Bursa’s approval of its regularisation plan within the stipulated time frame.
APFT was supposed to submit its proposed regularisation plan before Jan 18. Its shares will also be delisted on March 16 unless an appeal against the delisting is submitted to Bursa by March 11.
It has been a Practice Note 17 company since January 2018 after the shareholders’ equity fell below the 50% threshold.
Earlier in January, APFT terminated its memorandum business collaboration agreement with Malaysia Aviation Training Academy Sdn Bhd.
APFT had hoped to form the largest training centre for aviation professionals in the country with the partnership.