KUALA LUMPUR: LYC Healthcare Bhd is facing imminent trading suspension and de-listing from the ACE Market of Bursa Malaysia after failing to secure a replacement sponsor for its proposed GN3 regularisation plan, following the departure of UOB Kay Hian (M) Sdn Bhd.
In a filing with Bursa Malaysia on Monday, the ACE Market-listed company disclosed that it received a termination letter on October 19 from UOBKH. The withdrawal ends an advisory relationship tracking back to May 2025.
The Board of Directors of LYC assured investors that the termination will not have any immediate financial or operational impact on the company. However, management acknowledged potential implications for the timeline and continued progress of the proposed regularisation plan itself.
The company stated it is now taking necessary steps to identify and appoint a replacement sponsor as soon as practicable.
However, in a separate announcement, LYC announced that the trading of its securities will be suspended with effect from October 27, pursuant to Rule 8.04(5) of the ACE Market Listing Requirements.
The company is slated to be de-listed from the local bourse on October 29, unless a formal appeal against the de-listing is submitted on or before October 26.
Bursa Securities noted that any appeal submitted after this strict timeframe will be disregarded.
If LYC manages to lodge an appeal within the deadline, the October 29 de-listing will be deferred pending a final decision from the exchange. However, the trading suspension scheduled for October 27 will proceed regardless of whether an active appeal is in place.
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