Lion Corp faces delisting after failing to secure time extension
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.