KUALA LUMPUR (Jan 29): Nylex (Malaysia) Bhd will see its shares suspended from trading effective Feb 7, after failing to submit a regularisation plan to address its Practice Note 17 (PN17) status by the extended deadline of Jan 26.

This is in accordance with the Main Market Listing Requirements, said Bursa Malaysia in a filing on Monday, .  

In a separate filing, Nylex reiterated that it had submitted an appeal for a further extension of time to submit the regularisation plan, but noted that the suspension will proceed pending the decision on the appeal.

“However, the delisting of the securities of the company upon expiry of two market days from the suspension date will be deferred pending the decision,” the company said.

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

It was granted 12 months to submit a regularisation plan, which was then extended by another six months in January 2023, before the latest extension in October.

Nylex had in March 2022 entered into a heads of agreement (HOA) with Sinar Bina Infra Sdn Bhd, LBS Bina Group Bhd, BTS Group Holdings PCL and Ancom Nylex to jointly build and operate a light rail transport system in Johor Bahru, with an integrated property development using the transit-oriented development concept.

The project is subject to an ongoing feasibility study and the grant of the concession award from the Johor state government.

In March 2023, the parties began making extensions to the long stop date of the HOA.

A third extension was agreed upon on Jan 23 this year, pushing back the long stop date to end-July 2024.

In its annual report, Nylex said the project is part of its proposed regularisation plan, and its future prospects will depend substantially on the awarding and successful completion of the project, going forward.

Shares in Nylex ended 1.5 sen or 4.69% lower at 30.5 sen on Monday, giving the company a market capitalisation of RM59.27 million.

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