KUALA LUMPUR: LYC Healthcare Bhd's ongoing efforts to regularize its financial condition have encountered a notable setback following the departure of its principal sponsor, UOB Kay Hian (M) Sdn Bhd (UOBKH).
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 letter effectively terminates UOBKH's appointment as the sponsor for LYC's proposed GN3 Regularisation Plan.
The withdrawal ends an advisory relationship tracking back to May 2025.
Despite the sudden exit of its key adviser, 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.
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