As at yesterday, there were a total of 17 PN17 companies, which represents 1.65 per cent of the total 1,030 companies listed on Bursa Malaysia.
Reported in The BT (5/8/06) that

• Bursa Malaysia Bhd has started delisting procedures against Polymate Holdings Bhd, where the plastic product manufacturer was served with a notice yesterday. Polymate has five market days upon receiving the notice, to tell Bursa Malaysia why its securities should not be delisted from the exchange;

• Bursa Malaysia further states that all due consideration of the matter and the conclusion of the relevant due process have been accorded to delist Polymate. Furthermore, Bursa’s  decision to delist Polymate has been notified to Polymate and

• Polymate had failed to submit its turnaround plan to the relevant authorities for approval within the timeframe stipulated by Bursa Malaysia listing requirements, following paragraph 8.14C and 4.0 of Practice Note 17 (PN17). No further extension of time has been granted to the company by Bursa Malaysia.

• The trading of Polymate shares will be suspended from 9am on Monday.

Another PN17 company affected:

• KIG Glass Industrial Bhd (PN17 company)which has been granted a total of three (3) months extension of time by Bursa Malaysia,
• Earlier announced on July 10 that Bursa Saham had commenced delisting procedures against KIG as KIG had failed to submit a regularisation plan to the relevant authorities for approval within the timeframe prescribed and
• Finally, Bursa Saham extended it due to the resignation of the company’s adviser, 1 month extension(until September 3 2006) to seek and appoint a new adviser; and two months from the date of appointment of the new adviser to submit its regularisation plan to the relevant authorities for approval.

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