TECNIC (9741) - Tecnic in the midst of identifying new businesses or asset
April 9, 2015 : 8:37 PM MYT
KUALA LUMPUR (April 9): Tecnic Group Bhd announced it is taking necessary steps to identify new businesses or assets that have the requisite track record to regularise the condition of the company, ahead of its classification as a Practice Note 17 (PN17) company by Bursa Malaysia.
In a filing to the local bourse this evening, Tecnic said it has triggered Chapter 8.03A(2) of the Bursa Malaysia Listing Requirements, which states it is “an affected listed issuer” that may not have an adequate level of operations to warrant continued trading on the bourse.
This was due to the fact that Tecnic had recently completed the disposal of its major business and subsidiaries — Plastictecnic (M) Sdn Bhd, Sun Tong Seng Mould-Tech Sdn Bhd and Bangi Plastics Sdn Bhd — to sister company SKP Resources Bhd for RM200 million.
“It is our intention to maintain the group’s listing status. The company endeavours to take the necessary steps to identify new business and/or assets that have the requisite track record and future prospects to be acquired by Tecnic,” it said in a filing with Bursa Malaysia this evening.
Tecnic said it is required to regularise its condition within 12 months from today and by submitting a regularisation plan to either the Securities Commission Malaysia if it will result in a significant change in the business direction, or to Bursa Malaysia otherwise.
“However, shareholders and potential investors should note there can be no assurance that Tecnic will be successful in its identification of new businesses or assets that have the requisite track record and future prospects to regularise its condition under PN17 of the Listing Requirements,” the group added.
Technic also warned it may apply to delist from trading on Bursa Malaysia, if it is unable to find any acceptable alternative proposals to regularise its condition.
It is worth noting that Tecnic (fundamental: 2.8; valuation: 1.8) was expected to gain RM120.13 million from the disposal of its business. The group had said it will distribute 95% or RM95 million in cash proceeds to its entitled shareholders.
Tecnic closed 0.31% or 2 sen lower at RM6.34 today, which gives it a market capitalisation of RM256.12 million.
http://www.theedgemarkets.com
April 9, 2015 : 8:37 PM MYT
KUALA LUMPUR (April 9): Tecnic Group Bhd announced it is taking necessary steps to identify new businesses or assets that have the requisite track record to regularise the condition of the company, ahead of its classification as a Practice Note 17 (PN17) company by Bursa Malaysia.
In a filing to the local bourse this evening, Tecnic said it has triggered Chapter 8.03A(2) of the Bursa Malaysia Listing Requirements, which states it is “an affected listed issuer” that may not have an adequate level of operations to warrant continued trading on the bourse.
This was due to the fact that Tecnic had recently completed the disposal of its major business and subsidiaries — Plastictecnic (M) Sdn Bhd, Sun Tong Seng Mould-Tech Sdn Bhd and Bangi Plastics Sdn Bhd — to sister company SKP Resources Bhd for RM200 million.
“It is our intention to maintain the group’s listing status. The company endeavours to take the necessary steps to identify new business and/or assets that have the requisite track record and future prospects to be acquired by Tecnic,” it said in a filing with Bursa Malaysia this evening.
Tecnic said it is required to regularise its condition within 12 months from today and by submitting a regularisation plan to either the Securities Commission Malaysia if it will result in a significant change in the business direction, or to Bursa Malaysia otherwise.
“However, shareholders and potential investors should note there can be no assurance that Tecnic will be successful in its identification of new businesses or assets that have the requisite track record and future prospects to regularise its condition under PN17 of the Listing Requirements,” the group added.
Technic also warned it may apply to delist from trading on Bursa Malaysia, if it is unable to find any acceptable alternative proposals to regularise its condition.
It is worth noting that Tecnic (fundamental: 2.8; valuation: 1.8) was expected to gain RM120.13 million from the disposal of its business. The group had said it will distribute 95% or RM95 million in cash proceeds to its entitled shareholders.
Tecnic closed 0.31% or 2 sen lower at RM6.34 today, which gives it a market capitalisation of RM256.12 million.
http://www.theedgemarkets.com
