Vastalux to be suspended on Dec 29, delisted Jan 3

Larger Smaller Reset KUALA LUMPUR: VASTALUX ENERGY BHD [], listed in
September 2008, will see its shares suspended from trading on Dec 29 and
delisted on Jan 3 after Bursa Malaysia Securities rejected its
application for more time to submit its regularisation plan.

A
Bursa Securities circular said on Tuesday the company had failed to
submit its regularisation plan to the Securities Commission or Bursa
Securities for approval within the timeframe under Bursa Securities Main
Market Listing Requirements.

It said the suspension and
delisting would take effect 'unless an appeal is submitted to Bursa
Securities on or before Dec 28', it said.

Bursa Securities said
any appeal submitted after the appeal timeframe would not be considered.
However, if the company submitted an appeal to Bursa Securities within
the appeal timeframe, the removal of the securities on Jan 3 would be
deferred pending the decision on the appeal.

Vastalux, which is
involved in the oil and gas (O&G) sector, closed 0.5 sen higher at
8.5 sen with 6.23 million shares done on Tuesday.

The group fell
into the Practice Note 17 (PN17) category in November 2010 and it had
until November this year to submit a regularisation plan.

To
recap, Vastalux chairman Rosthman Ibrahim told The Edge Financial Daily
on July 1 this year the company had until Nov 25 to put up a
regularisation plan.

The regularisation proposal would have to come in with the proposal for a white knight, Rosthman said.

He had then said the group was approached by several interested parties including property and O&G players.

Rosthman said the new investor would have to inject acceptable assets
and business into the group, as currently the group is merely a shell
company.

Its unit Vastalux Sdn Bhd (VSB), which held its core
business of O&G service provider, had been under liquidation since
Dec 16 last year.

Vastalux then de-consolidated VSB from its
accounts. Prior to the liquidation, VSB had proposed a debt
restructuring scheme to its creditors, which among others included a
proposal for creditors to take up to a 50% 'hair cut' on the amount owed
to them.

However, the proposal was rejected by the creditors,
which included Alam Maritim (M) Sdn Bhd, the largest creditor with
RM146.8 million owed by VSB out of total debts of RM174.4 million.

Alam Maritim is a unit of ALAM MARITIM RESOURCES BHD []. Alam Maritim
is classified as unsecured scheme creditors, class 2, under the proposed
debt restructuring scheme.

thanks for the news, it can save many lives

477

sun wrote:thanks for the news, it can save many lives

i posted it early so tat those in2 goreng wont masuk longkang ... [You must be registered and logged in to see this image.]

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hlk wrote:

sun wrote:thanks for the news, it can save many lives

i posted it early so tat those in2 goreng wont masuk longkang ... [You must be registered and logged in to see this image.]

yalor, forumer should tiap tiap hari rajin baca news, to prevent die in longkang still blur blur

hlk wrote:nyia siong ang ciang ... leng lui ... [You must be registered and logged in to see this image.]

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