Quick take: Amtek shares continue to fall under selling pressure, plunge 12%

KUALA LUMPUR: Shares of Amtek Holdings Bhd continued to fall for a second day as the as the company faces delisting risk by end of the month.

The counter fell 12.5%, or 1.5 sen to 10.5 sen on thin trading.

Amtek, a Practice Note 17 (PN17) company, may be delisted from Bursa Malaysia by the end of the month, after the regulator rejected the group’s application for more time to submit its regularisation plan.

Trading in company’s shares will be suspended on March 18, and subsequently delisted on March 29 — unless an appeal against the delisting is submitted on or before March 15.

Amtek triggered the PN17 status in January last year, after its shareholders’ equity on a consolidated basis fell to below RM40mil and was not more than 25% of its issued and paid up capital then.

In January 2018 the group also sold off its entire Crocodile Brand inventory.

Source : TheStar