Nylex to be delisted on March 11

PETALING JAYA: Nylex (M) Bhd is set to be delisted on March 11, after its appeal for a further extension of time to submit its regularisation plan was dismissed by Bursa Malaysia.

In a filing with the stock exchange, the Practice Note 17 (PN17) company said that upon its delisting, it would continue to exist but as an unlisted entity.

The company is able to continue its operations and proceed with its corporate restructuring and its shareholders can be rewarded by the company’s performance.

However, they will be holding shares which are no longer quoted and traded on Bursa. The interests and rights of the shareholders will remain safeguarded under the Companies Act 2016, it said in the filing.

It was classified as a PN17 company after it divested all of its assets and liabilities to its parent Ancom Nylex Bhd for RM179.3mil in a cash-plus-share deal in 2022.