KUALA LUMPUR: Iskandar Waterfront City Bhd (IWCity) has decided not to appeal to Bursa Malaysia Securities Bhd’s rejection of the company’s relief application but instead will focus on improving its business operations within the 12-month regularisation period. It said this was upon due consideration of the existing facts and the just improving property market conditions which would have timing gaps in recognising the revenue by IWCity and its subsidiaries. IWCity was referring to the announcement made on March 25 in relation to its relief application to Bursa Securities from classifying it as an affected listed issuer pursuant to Paragraph 8.03A(2)(b) of the MMLR and also Bursa Securities’ rejection to the relief on June 3. Hence, IWCity believes it would be able to rectify its Paragraph 8.03A affected listed issuer status within the said regularisation period. The company is required to regularise its condition within 12 months from the date of the announcement, among others, by submitting a regularisation plan to the Securities Commission Malaysia or Bursa Securities.
