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NewsCourt strikes out Scan's injunction application to halt GN3 classification
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Court strikes out Scan's injunction application to halt GN3 classification
by Cals Tue 19 May 2015, 00:10
Court strikes out Scan's injunction application to halt GN3 classification
KUALA LUMPUR (May 18): The High Court today dismissed an application from Scan Associates Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) for an injunction to restrain market regulator Bursa Malaysia from classifying Scan Associates under the Guidance Note 3 (GN3) status.
Presiding judge Abu Bakar Jais delivered the judgement in chambers.
Scan Associates executive director Mak Siew Wei said the company's board of directors will discuss whether to appeal the High Court's decision.
"On our part, the company will consider to appeal against the (High Court's) decision in the interests of our shareholders," he told The Edge Financial Daily outside the court after the decision was delivered.
Under the listing rules, the criteria that triggers GN3 is that the shareholders’ equity of the listed company is 25% or less of the issued and paid-up capital of the listed corporation.
Mak had previously said that Scan Associates’ balance sheet as at Dec 31 last year showed that its shareholders’ fund of RM6.24 million was more than one quarter of its paid-up capital of RM20 million.
Also, the company recently changed its financial year-end to June 30, 2015, from Dec 31, 2015.
KUALA LUMPUR (May 18): The High Court today dismissed an application from Scan Associates Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) for an injunction to restrain market regulator Bursa Malaysia from classifying Scan Associates under the Guidance Note 3 (GN3) status.
Presiding judge Abu Bakar Jais delivered the judgement in chambers.
Scan Associates executive director Mak Siew Wei said the company's board of directors will discuss whether to appeal the High Court's decision.
"On our part, the company will consider to appeal against the (High Court's) decision in the interests of our shareholders," he told The Edge Financial Daily outside the court after the decision was delivered.
Under the listing rules, the criteria that triggers GN3 is that the shareholders’ equity of the listed company is 25% or less of the issued and paid-up capital of the listed corporation.
Mak had previously said that Scan Associates’ balance sheet as at Dec 31 last year showed that its shareholders’ fund of RM6.24 million was more than one quarter of its paid-up capital of RM20 million.
Also, the company recently changed its financial year-end to June 30, 2015, from Dec 31, 2015.
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