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).

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