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Stamford College gets 3 months to submit revamp plan
by hlk Wed 06 Jul 2011, 00:09
KUALA LUMPUR: STAMFORD COLLEGE BHD [] has been given a reprieve by Bursa Malaysia Securities after the regulator extended the deadline for the company to submit a regularisation plan.
Stamford College said on Tuesday, July 5 that Bursa Securities had granted it an extension of three months until Oct 4 to submit the revamp plan to the relevant authorities for approval.
However, the company must appoint a principal adviser within one week, that is by July 12.
Trading in its shares has been suspended since Aug 3, 2010. To recap, Bursa Securities rejected Stamford College’s regularisation plan July last year.
The exchange had said the steel manufacturing business which commenced operations in February 2010, has yet to demonstrate that it was able to generate profits and positive cashflows, or proven to be a viable business.
It had also said the steel manufacturing business may be subjected to further funding requirements and therefore, could affect the enlarged group’s ability to manage the resources required for the group’s operations.
Stamford College said on Tuesday, July 5 that Bursa Securities had granted it an extension of three months until Oct 4 to submit the revamp plan to the relevant authorities for approval.
However, the company must appoint a principal adviser within one week, that is by July 12.
Trading in its shares has been suspended since Aug 3, 2010. To recap, Bursa Securities rejected Stamford College’s regularisation plan July last year.
The exchange had said the steel manufacturing business which commenced operations in February 2010, has yet to demonstrate that it was able to generate profits and positive cashflows, or proven to be a viable business.
It had also said the steel manufacturing business may be subjected to further funding requirements and therefore, could affect the enlarged group’s ability to manage the resources required for the group’s operations.
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