Lion Corp faces delist­ing af­ter fail­ing to se­cure time ex­ten­sion

The Sun (Malaysia) - - SUNBIZ -

PE­TAL­ING JAYA: Bursa Malaysia has re­jected Lion Corp Bhd’s ap­pli­ca­tion for a fur­ther ex­ten­sion of time to sub­mit its reg­u­lar­i­sa­tion plan, which has put the steel giant in danger of be­ing delisted.

In a fil­ing with the stock ex­change, Lion Corp said trad­ing in its shares will be sus­pended from Oct 10 and delisted on Oct 12 if there is no ap­peal made.

Lion Corp has been a Prac­tice Note 17 (PN17) com­pany since Oc­to­ber 2013 due to its dis­tressed fi­nan­cials aris­ing from the un­favourable op­er­at­ing en­vi­ron­ment in the steel in­dus­try.

Sev­eral ex­ten­sions have also been given to the group to come out with its turn­around plan.

Over the past few years, the group had been di­vest­ing non­core as­sets to save the steel busi­ness.

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