First application to delist from platform

POLYMER Link Holdings Bhd, the first company on Bursa Malaysia’s Leading Entrepreneur Accelerator Platform (LEAP Market) to withdraw its listing from Bursa Malaysia, says it will not wait for the transfer framework from the bourse and the Securities Commission Malaysia (SC). The framework is meant to facilitate the transition of performing companies from the LEAP Market to the ACE Market without necessitating what is said to be a costly and tedious documentation process to SC, as with a brand-new submission.

Note that while Polymer Link’s filing with Bursa cites the LEAP Market’s lack of liquidity as the reason for appealing to go private, Polymer Link tells The Edge that its departure from the board has more to do with the fact that it had achieved its initial goals in getting listed.

Polymer Link raised RM5.5 million in its initial public offering on April 27, 2018, at an offer price of 12 sen per share. Its shares were last traded at 20 sen.

“We will not wait for the transition framework, as we are planning to undertake a certain restructuring exercise and the implementation will be more flexible if the company is private. A good liquidity of shares is necessary when the company is expanding quickly and looking for equity to fund the expansion. We believe our financials are strong; therefore, we can explore various fund-raising options,” its group managing director and CEO Eddie Koh tells The Edge.

“We listed on the LEAP Market for the purpose of profiling Polymer and have learnt a lot from the exercise, namely, the requirements for compliance and transparency. Now that we have the publicity and experience, we need to move forward with our plans.”