Thursday July 5, 2012
Tricubes to appeal suspension
KUALA LUMPUR: Tricubes Bhd, a Practice Note 17, company will appeal against the suspension and delisting of its shares in the “soonest possible time,” its CEO and executive director Khairun Zainal Mokhtar said.
“We have prepared the appeal and will submit this to our bank advisor which should then be submitted in the soonest possible time; possibly by today or tomorrow,” Khairun told StarBiz yesterday.
The ACE Market listed company is facing the possibility of trading in its shares being suspended and being delisted as its proposed regularisation plan has been rejected by Bursa Malaysia Securities Bhd.
In an announcement to Bursa Malaysia yesterday, Tricubes said its regularisation plan had been rejected because it had been relying on its existing principal activities to sustain the company and these had registered losses, excluding a gain on disposal of subsidiary companies, for the past six financial years up to March 31.
“The company and the principal adviser/sponsor have failed to demonstrate to the satisfaction of Bursa Securities, its ability to increase and sustain revenue and profit growth of the existing principal activities,” it said.
On this matter, Khairun said Tricubes had “recurring incomes from other businesses than the core business,” adding that he had actually been quite confident initially of the first regularisation proposal being accepted.
Bursa Securities had noted that Tricubes was substantially dependent on its new business segments, particularly the electronic bill presentment segment, as a major contributor to its revenue and income streams as part of its regularisation plan.
Tricubes is well-known for its 1Malaysian Email project, which entails plans to charge government agencies 50 sen per e-mail sent to users using its service.
“It is noted that there has been various delays to the implementation and launching of these new business segments including securing customers and subscribers. It is further noted that to-date, these new business segments have either not commenced to generate revenue or has contributed insignificant revenue,” it said in the Bursa announcement.
Tricubes added: “The company and principal adviser/sponsor have failed to demonstrate to the satisfaction of Bursa Securities the ability to generate sufficient, significant and sustainable revenue and profitability from these new business segments in the near future, to turn around the group.”
Given the concerns raised, Bursa Securities was uncertain that Tricubes would be able to fully eliminate its accumulated losses under the proposed regularisation plan in the near future, the statement said.
Trading of the company's securities will be suspended from July 11 and will be delisted on Aug 7 unless an appeal is submitted to Bursa Securities on or before Aug 2.