PETALING JAYA: Multi Sports Holdings Ltd will be delisted from the local bourse next Wednesday after Bursa Malaysia Securities Bhd dismissed its appeal for an extension of time to submit its regularisation plan.
The Practice Note (PN17) company had on Jan 28 submitted an appeal against Bursa Securities’ earlier rejection for an extension of time to submit its regularisation plan.
Two days ago, the China-based shoe manufacturer announced that it had on Jan 24 signed a memorandum of understanding with Malaysian shoe wholesaler Resta Enterprise Sdn Bhd for the proposed acquisition of shareholdings in Resta via a sale share agreement to be executed at a later date. Multi Sports noted that the deal will enable it to turn around the company.
For the six months ended Dec 31, 2019, Multi Sports’ net loss widened to RM1.58 million from RM326,000 a year ago.