Tricubes, which operates the 1Malaysia flagship Myemail project, will be delisted from the Kuala Lumpur Stock Exchange after it failed in its appeal against the rejection of its financial regularisation plan, Bursa Malaysia said today.
“Bursa Malaysia Securities Berhad has disallowed Tricubes Berhad’s appeal against rejection of the company’s proposed regularisation plan and de-listing,” said Bursa in an announcement this evening.
Tricubes will be delisted on Oct 1, it said.
The push email and bill presentation system Myemail was considered a lifeline for the financially troubled Tricubes and one of the reasons Bursa had rejected Tricubes proposal to remain listed was that the company was seen to be substantially dependent and reliant on its new business segments and in particular the electronic bill presentment sector as a major contributor to its revenue.
According to a July 4 filing, Bursa noted that Tricubes and its sponsors and advisors failed to demonstrate that the group would be able to generate sustainable revenue and profit from the new business segments that would be sufficient to turn the financial fortunes of the group around.
The stock exchange operator also noted that there has been various delays to the implementation of the new business segments including securing customers and subscribers and as at July the new business segments have either not commenced to generate revenue or has contributed insignificant revenue.
Shares of Tricubes soared from 5.5 sen before the announcement of Myemail in April last year to more than 30 sen just a few days later on hopes that the company will have secured a windfall if government agencies used the service to send out bills and notifications at a cost of up to 50 sen each.
The shares tumbled back to just 10 sen six weeks later after the project was hit by public scepticism.
Tricubes also provides authentication services to banks and other industries.
It was reported earlier this year that the Road Transport Department had signed up to use the myemail service.
For the financial year ended 31 March 2012, Tricubes reported a larger net loss of RM2.2 million as compared with RM720,000 the previous year.
Revenue however was slightly higher at RM16.3 million as compared with RM16 million in 2011.
huh? I guess everyone expected this....Tricubes is a farce. A crony farce. This is so sickening
There goes our millions again to some cronies. How many times must we endure this farce? Citizens of Malaysia, rise up and challenge these bloodsuckers and conmen.
Shouldn't the minister who appointed tricubes be pulled in for investigations? MACC, isn't time you guys, shows your fangs? There's definitely something fishy going on here
Another incompetent UMNO crony go down the drain. How much taxpayer's money was wasted on it? Najib, please account for the billions of ringgits you have given away to UMNO cronies!