Transmile Group Bhd’s counter, which was the most actively traded yesterday, will be suspended today while its removal from the Official List of Bursa Securities next Monday will be deferred pending an appeal.
In an announcement to Bursa Malaysia, the troubled air cargo operator said it had on the same day submitted an application to appeal against Bursa Securities’s decision to remove the stock and seek an extension of time to submit its regularisation plan.
Transmile had until yesterday to file the appeal after repeatedly failing to submit a regularisation plan to solve its debt woes or risk being delisted next Monday.
The sale of four MD-11 aircraft to Federal Express Corporation for US$68 million (RM207 million) last month was only enough to pare down 39% of RM528.9 million in outstanding debt obligations, leaving it with a balance of around RM320.1 million in debt obligations.
As at Dec 31, 2010, the group had long-term assets of RM121.2 million, and cash equivalents of RM27.9 million. Its shareholders’ fund is in deficit of RM147 million while total borrowings stood at RM531.5 million.
The group has continued to suffer losses since a scandal was unearthed back in 2007 which saw inflated revenue of around RM625 million between FY04 and FY06.
Last month, its managing director Liu Tai Sin told The Edge that the target for this year was to resolve all its debt woes so as to turn the company around.
A total of 44.8 million Transmile shares changed hands yesterday. It closed 0.5 sen higher at seven sen. - by Sharon Tan, theedgemalaysia.com
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