PETALING JAYA: Shares of Utusan Melayu Bhd slumped as much as 36.4% in early trade after it failed to submit a regularisation plan to Bursa Malaysia.
At the noon break, the stock was down 3.5 sen or 31.8% to 7.5 sen on 1.02 million shares done.
Utusan Melayu yesterday told the stock exchange that it was not able to meet the requirements to uplift the PN17 status due to cash flow constraints and the losses incurred in the first two quarters of the year.
It was also not be able to find any potential investor to participate in order to revive the group, mainly due to its huge liabilities.
Consequently, the group will cease publication for its titles Utusan Malaysian and Kosmo! on Wednesday.
For the second quarter ended June 30, 2019 the group recorded a net loss of RM3.89 million against a net profit of RM18.85 million for the same quarter of the previous year.
Utusan fell into PN17 in August last year after it defaulted on loan payments to Maybank Islamic and Bank Mualamat totalling RM1.18 million.
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