Berjaya Media Bhd’s (BMedia) appeal for an additional six months up to Dec 20, 2020 to submit its regularisation plan to the relevant authorities for approval has been dismissed by Bursa Securities.
Hence, the market regulator has made the decision to delist the company on July 17, as stated in a Bursa filing.
On 9 January, BMedia was given an extension until 20 June, 2020 to submit its regularisation plan and on 17 June, 2020, the group submitted a request to seek further time extension.
The reason for further extension requests was because the plan for Singer (Malaysia) Sdn Bhd to acquire the group as a white knight investor fell through when BMedia aborted the proposed acquisition on June 12, 2020.
According to an article on The Sun, the group was said to be assessing the economic impact on the existing business of BMedia and its subsidiaries in view of the challenging economic environment and the uncertainties surrounding the COVID-19 pandemic.