KUALA LUMPUR: LYC Healthcare Bhd has appealed against Bursa Malaysia Securities Bhd's decision to delist its securities after failing to appoint a new sponsor under the ACE Market Listing Requirements.

In a filing with Bursa Malaysia, the company said it submitted the appeal on Oct 20, ahead of the Oct 26 deadline.

The appeal follows Bursa Securities' notice dated Oct 19 to suspend trading in LYC Healthcare's securities from Oct 27 and delist the company on Oct 29.

The decision came after LYC Healthcare failed to appoint a replacement sponsor following the termination of UOB Kay Hian (M) Sdn Bhd as its sponsor on Oct 16.

LYC Healthcare said that as its appeal was submitted within the stipulated timeframe, the proposed delisting on Oct 29 would be deferred pending Bursa Securities' decision.

However, Bursa Securities will proceed to suspend the trading of LYC Healthcare’s securities on Oct 27 even though the decision on the company's appeal is still pending.

The company said it remained committed to regularising its financial condition and preserving its listing status.

It added that further announcements would be made once the outcome of the appeal is known.

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