KUALA LUMPUR (Dec 29): JM Education Group Bhd has secured Bursa Malaysia Securities Bhd's approval to withdraw its listing from the LEAP Market.

"The board of directors of JM Education wishes to announce that Bursa Malaysia Securities Bhd had, vide its letter dated Dec 29 2020, resolved to approve the Application for Withdrawal of Listing," said the group in its filing with Bursa Malaysia today.

Following this, the group said its adviser is required to furnish Bursa with a letter confirming the details of JM Education's shareholders, including their direct and indirect shareholdings (confirmation letter), and that the company has met all conditions that are required to be met prior to its delisting.

JM Education is also required to make an immediate announcement that includes the group's trading shares being suspended upon the expiry of five market days from the date of Bursa Securities' receipt of the adviser's confirmation letter, as well as the effective date of suspension.

The delisting of JM Education will take place upon Bursa Securities' receipt of the following documents after trading in JM Education's shares has been suspended:
• Confirmation from JM Education's adviser that all conditions, including conditions imposed by the relevant authorities which are required to be met prior to the delisting have been met.
• Confirmation from its adviser that there are no circumstances or facts which have the effect of preventing or prohibiting the delisting including any order, injunction or any other directive issued by any court of law.

JM Education, an education counselling and student placement services provider, made its LEAP Market debut in February 2018 and was the third company to list on the adviser-driven market.

It was reported in September that JM Education managing director Teh Cheong Hua and Su Cheia Yee had made a request to the company's board of directors to consider undertaking a voluntary withdrawal from the official list of the LEAP Market.

JM Education said the proposed delisting was to allow greater flexibility for the company as an unlisted entity to streamline its business operations, as the current size of its operations and potential of its business were "more suited for an unlisted entity".

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