Biosis: Bursa has not considered “certain aspects” of turnaround plan

PETALING JAYA: Biosis Group Bhd, whose share price plunged 81.82% yesterday after Bursa Malaysia rejected its regularisation plan on Tuesday, has come out to say that the regulator has not considered "certain aspects" of its turnaround plan.
Biosis share price plummeted as much as 9.5 sen or 86.36% to an all-time low of 1.5 sen on the back of heightened selling pressure, before closing 9 sen or 81.82% lower to 2 sen. A total of 3.89 million shares were changing hands.
In a filing with the stock exchange, Biosis, a Practice Note 17 (PN 17) company, said the losses and/or lack of apparent profitability for the period up to March 31, 2015 are mainly due to impairments and provisions made, and accrued interest that would be reversed upon completion of the implementation of the proposed regularisation plan.
It noted that the company had turned in profits from operations in its latest unaudited quarterly result for the quarter ended 31 March 2015 and also for the financial year ended 31 March 2015.
Biosis also pointed out the recent changes in key management team personnel are to accelerate the turnaround efforts to better address Bursa's concerns.
The company, however, said it will deliberate on the above matter and will make the relevant announcements in due course.
Trading in Biosis shares will be suspended from June 10 and will be de-listed on July 7 unless an appeal against the rejection of the regularisation plan and de-listing is submitted to Bursa on or before July 2.