(Business Times) - On how Tricubes would be able to deliver the MyEmail project with a potential de-listing, Tricubes CEO says the company is now aggressively acquiring billers and subscribers.
KUALA LUMPUR: Tricubes Bhd's shares took a nosedive yesterday on news that its regularisation plan had been rejected by the stock exchange's regulator. However, its chief executive officer remains optimistic that the company's fortunes will change.
"We are optimistic and believe that future results will be able to address the market perception," Tricubes chief executive officer Khairun Zainal Mokhtar told Business Times in an emailed reply yesterday.
The stock kept only a third of its value to close 70 per cent down at three sen. It was one of the most actively traded counter.
On how Tricubes would be able to deliver the MyEmail as well as other projects with a potential de-listing, Khairun said the MyEmail project has been completed since September 2011 and it is now aggressively acquiring billers and subscribers.
Financially-distressed Tricubes was to submit a plan to convince Bursa Malaysia that it could remain a going concern and warrant a listing on the ACE Market.
The regulator, however, rejected its plan, citing concerns of the company's ability to turn itself around given its dependence on new business segments and inability to break into the non-goverment and non-banking sector segments.
Bursa Malaysia also doubts Tricubes' ability to completely shave off its accumulated losses with the regularisation plan.
Tricubes' consolidated accumulated losses as at March 31 2011 stood at about RM17.2 million and this amount were to reduce to about RM7.3 million based on its proposed regularisation plan.
Its accumulated losses are also likely to increase further as a result of Tricubes' unaudited consolidated loss after taxation incurred for its financial year ended March 31 2012 of about RM2.2 million.
"Our regularisation plan is made of some new business components which is transactional and recurring in nature. We will discuss with our advising bank whether there is a need to enhance the business further. We think we have a good chance in our appeal as we are optimistic about our future business," Khairun said.