Transmile loses delisting appeal

TROUBLED Malaysian cargo carrier, Transmile Air Services, has had its appeal not to be delisted from the local stock exchange, Bursa Malaysia, denied. The delisting happens with effect today, 24 May.

While Transmile will continue to operate, the decision highlights the lack of confidence market analysts and investors have in its attempts to restructure its debts.

In a statement, Bursa Malaysia said: “Upon the delisting of Transmile, the company will continue to exist but as an unlisted entity. Transmile is still able to continue…operations and business, and proceed with…corporate restructuring. However, the shareholders will be holding shares [that] are no longer quoted and traded on Bursa Securities.”

Its debts include medium-term notes (debts to be paid back usually within five to 10 years) of MYR105 million (US$34.3 million), a syndicate loan of MYR205 million ($67 million) and guaranteed convertible bonds of MYR198.7 million ($65 million).

Share this story
Facebook
Twitter
LinkedIn

Related topics

Latest news

Emirates SkyCargo celebrates pharma-handling achievements

By Rachelle Harry

In a recent announcement, Emirates SkyCargo, the freight division of Emirates, highlighted three milestones related to its pharma-handling capabilities. The…

Read More

DSV Panalpina announces green goals for 2020 and beyond

By Rachelle Harry

DSV Panalpina has announced that it will set science-based environmental performance targets from 2020, demonstrating its support towards minimising the…

Read More

WFS scoops Cape Town cargo deal from United

By Damian Brett

United Airlines has awarded cargo handler Worldwide Flight Services (WFS) with the contract to handle cargo in Cape Town on…

Read More