MMM Group set for Oct 12 delisting as appeal is dismissed
The company plans to keep operating and proceed with corporate restructuring after its shares leave Bursa Malaysia.
MMM Group Bhd will lose its Bursa Malaysia listing on Oct 12 following the dismissal of its appeal against a rejected regularisation plan. The Practice Note 17 (PN17) company reported the appeal outcome in its Oct 7 bourse filing.
The company said Bursa Malaysia Securities’ Listing Committee had examined its written representations and the circumstances of the case. The committee found insufficient grounds to reverse the earlier ruling, leaving the July 10 rejection unchanged.
MMM Group said delisting would not end its business activities or corporate restructuring. It would remain an unlisted entity, with shareholders retaining shares that cannot be traded on Bursa. The company said shareholders could nevertheless benefit from its performance.
The January 2026 proposal sought up to RM39.97 million through a private placement and a rights issue accompanied by warrants. Other components were a 10-for-one consolidation of shares and the purchase of outdoor advertising company EDSB Outdoor Sdn Bhd for RM16 million.
In rejecting the proposal, Bursa flagged the gap between the purchase price and EDSB’s net assets, which stood at about RM800,000. It also questioned business sustainability: EDSB’s FY2025 revenue was RM6.09 million, down from RM8.62 million in FY2023, and it had been loss-making in three financial years out of the previous four.
Bursa’s concerns also covered licences for EDSB’s billboard locations and spending needed for digital conversions. MMM Group intends to allocate RM12.16 million over 36 months to replace 26 static billboards with digital formats.
Previously called Asia Media Group Bhd, MMM Group became a PN17 company in October 2019 when shareholders’ equity slipped below the threshold of 25% of issued share capital. Trading in its shares has remained suspended since Aug 7.
