KUALA LUMPUR (July 5): Tricubes Bhd shares were actively traded on Thursday after the company said it would appeal against Bursa Malaysia Securities Bhd’s rejection of its proposed regularization plan.
At 9,.10am, Tricubes added half a sen to 3.5 sen with 3.55 million shares traded.
Bursa Malaysia Securities Bhd had rejected Tricubes’ regularisation plan of after the company failed to demonstrate its ability to increase and sustain revenue and profit growth of its existing principal activities.
In a filing Wednesday, Tricubes said its existing principal activities were its Identity Authentication Solutions (IAS) and the Enterprise Mobile Solutions (EMS) business segments.
It said Bursa Malaysia Securities’ concerns included the maturing, growth slowdown and competitive environment of the lAS industry; and the ability of the Group to generate and sustain revenue growth of its EMS business segment in- view of the Group's limited access to non-government and non-banking sectors as well as the reliance on the Malaysian market.