Tricubes Bhd today announced that Bursa Malaysia Securities Bhd (Bursa Securities) has disallowed its appeal against rejection of its proposed regularisation plan and de-listing.
In the circumstances, the securities of Tricubes will be removed from the official list of Bursa Securities on Oct 1, it said in an announcement to the exchange.
The troubled company was awarded the controversial 1Malaysia email project in April last year to serve as a designated digital channel for government bodies to communicate with the public.
The project elicited fierce public criticism as all government bodies are required to pay for every email sent using the 1Malaysia email accounts.
Its critics also questioned whether the plan was intended to “bail out” Tricubes.
Shares can no longer be traded
Tricubes said its securities, which are currently deposited with Bursa Malaysia Depository Sdn Bhd, may remain deposited notwithstanding the de-listing of the securities from the official list of Bursa Securities.
Alternatively, its shareholders who intend to hold their securities in the form of physical certificates, can withdraw these securities from their Central Depository System (CDS) accounts at anytime after the securities have been de-listed from the official list of Bursa Securities.
Upon the de-listing, Tricubes will continue to exist but as an unlisted entity.
It is still able to continue its operations and business and proceed with corporate restructuring while shareholders can still be rewarded by the company's performance.
However, the shareholders will be holding shares which are no longer quoted and traded on Bursa Securities, Tricubes said.
Last January, Tricubes Bhd’s 70 percent-owned subsidiary Tricubes NCR JV Sdn Bhd was awarded a RM6 million project by the Home Ministry to maintain the police force’s hardware and software and server enhanced mobile management system (EMMS).