Trading on Utusan shares to end on Aug 28

Trading in the securities of Utusan Melayu (Malaysia) Bhd will be suspended with effect from Aug 28 and its shares will be de-listed on Aug 30.

In a filing with Bursa Malaysia today, the oldest surviving Malay-language newspaper publisher said it has failed to regularise its condition based on the Main Market listing requirements for failure to submit its regularisation plan to the Securities Commission or Bursa Securities for approval.

“The company’s securities will be de-listed unless an appeal against the de-listing is submitted to Bursa Securities on or before Aug 27,” it said.

Upon the de-listing, the publisher of Utusan Malaysia, Mingguan Malaysia, Kosmo, and Kosmo Ahad, will continue to exist but as an unlisted entity.

“Utusan is still able to continue its operations and business, and proceed with its corporate restructuring. Its shareholders can still be rewarded by the company’s performance.

“However, the shareholders will be holding shares that are no longer quoted and traded on Bursa Securities,” it said.

The company fell into the Practice Note 17 category last August as it defaulted on its principal and profit payments to Bank Muamalat Malaysia Bhd and Maybank Islamic Bhd totalling RM1.18 million.

At today’s close, the media company’s share declined 36.36 percent to 7 sen with 1.37 million shares traded, valuing the company at barely RM8 million.

The oldest Malay daily’s shares recorded its highest price at RM7.66 on March 31, 2000, since it was first listed on the Main Board of the Kuala Lumpur Stock Exchange in 1994.

However, the company’s finance took a downturn and slipped to red since 2012. As of June 30, 2019, Utusan’s accumulated losses stood at RM261.61 million.

- Bernama