Hot Stock Cybertowers plunges 44% on rejection of extension for submission of regularisation plan

by **Cals** Wed 20 Jan 2016, 18:13

Hot Stock

[size=28]Cybertowers plunges 44% on rejection of extension for submission of regularisation plan

By Gho Chee Yuan / theedgemarkets.com | January 20, 2016 : 12:46 PM MY

KUALA LUMPUR (Jan 20): Shares in ACE Market-listed Cybertowers Bhd was actively traded in the early trade today, after the company said its shares will be suspended from trading next Thursday.

At 10.10am, the counter plunged two sen or 44.44% to its six month low of 2.5 sen per share, after 13.39 million shares changed hands, making it the sixth most actively-traded stock across the bourse.

It closed at 4.5 sen, with a trading volume of 245,000 shares done yesterday (Jan 19).

At 2.5 sen, Cybertowers had a market capitalisation of RM1.5 million.

In a bourse filing yesterday, the Internet based automatic vehicle locating (AVL) system operator said its application for a four-month extension to submit its regularisation plan has been rejected by Bursa Securities.

Hence, the trading in the shares of Cybertowers will be suspended from Jan 28 and its shares will be delisted on Feb 2, unless an appeal against the delisting is submitted to Bursa by Jan 27.

Cybertowers has been a Guidance Note 3 company since October 2013. Its regularisation plan, submitted to Bursa on Jan 30, 2015, includes proposals for capital reduction, share consolidation, debt restructuring and a private placement, among others.

(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.)
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