Biosis says it didn't submit "important aspects" details

PETALING JAYA: Biosis Group Bhd admitted that the full details of changes in key management team personnel and analysis of financial performance, which could have been the important aspects in its turnaround plan, had not been submitted or communicated to Bursa Securities before the decision on June 2.
In a filing with the stock exchange yesterday, SJ Securities Sdn Bhd said on behalf of Biosis that, the board is still deliberating on the next course of action to be taken, including appealing against Bursa's decision and the communication of the above to the regulator.
The Practice Note (PN 17) firm 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.
On Wednesday, Biosis contested Bursa Malaysia's rejection of its regularisation plan, saying that the regulator had not considered important aspects of the plan.
This included profits from operations in its latest unaudited quarterly result for the quarter ended Mar 31, 2015 and also for the financial year ended Mar 31, 2015 and changes in key management team personnel to accelerate the turnaround efforts of the company.
The counter rebounded 2.5 sen or 125% to 4.5 sen yesterday after losing ground on Wednesday with a steep decline of 81.82%.