Kuala Lumpur: Global Carriers will be delisted from Bursa Malaysia Securities on Friday, December 19.
Bursa dismissed Global Carriers’ (GC) appeal for a time extension of up to June 2015 to submit its financial regularisation plan to the exchange holding company for approval.
GC’s application for a time extension was denied on the basis that the company had approximately 22 months to submit its regularisation plan since the first announcement on March 1, 2013.
“In the opinion of Bursa Securities, adequate time and opportunity had been accorded to GC to regularise the company’s financial condition since GC’s first announcement on March 1, 2013,” an exchange filing said today.
Trading in GC’s securities was suspended on October 17.
After de-listing, GC will continue to exist but as an unlisted entity. Its day-to-day business and operations will continue as normal, but shareholders will be holding shares that are no longer quoted and traded on Bursa Securities, the filing said.
The Malaysia-based company operates three tankers of between 6,900 to 9,990 DWT for clean petroleum products. [16/12/14]