Hot Stock Biosis shares plummet 72.73% after Bursa rejects regularisation plan

by **Cals** Wed 03 Jun 2015, 23:41

Hot Stock
Biosis shares plummet 72.73% after Bursa rejects regularisation plan

PETALING JAYA (June 3): Biosis Group Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) shares plummeted 8 sen or 72.73% to 3 sen after Bursa Malaysia rejected the PN17 company’s regularisation plan.
At 11.01am today, a total of 112,000 shares were traded. The stock reached a high of 7 sen and a low of 2.5 sen.
It was among ten decliners this morning, at the eighth spot.
When contacted, a remisier who requested anonymity said Biosis (fundamental: 0; valuation: 0) shares have tanked on the market due to the decision by Bursa Malaysia to reject the company’s regularisation plan.
However, the remisier noted that Biosis had begun planning its corporate exercise since 2012.
“Why did Bursa Malaysia not engage with a professional underwriter (under its corporate social responsibility initiative) to address the issue?” he asked.
Biosis had fallen into Practice Note No 17 (PN17) status on June 27, 2013.
Yesterday, Bursa announced that it had rejected the company’s regularisation plan and that the company will be de-listed on July 7, 2015, unless an appeal against the rejection of the regularisation plan and de-listing is submitted to Bursa by July 2, 2015.
Bursa also said the trading of Biosis shares will be suspended from June 10, 2015.
“In the event Biosis submits an appeal to Bursa Securities within the appeal timeframe, the removal of the securities of Biosis from the official list of Bursa Securities on July 7, 2015 shall be deferred pending the decision on the company’s appeal,” the announcement read.
Bursa also said it is not mandatory for the securities of a company which has been de-listed to be withdrawn from Bursa Depository.
The securities of Biosis are currently deposited in the Bursa Malaysia Depository and may remain so, notwithstanding the de-listing of the securities from the official List of Bursa Securities, the announcement read.
(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)