MESDAQ-LISTED Tamco Corporate Holdings Bhd (0048) is seeking more time from the relevant authorities to find itself a new core business to keep its listing status.
It has yet to apply for more time to formulate a regularisation plan, but is hopeful that the regulatory bodies will approve it.
The company was supposed to announce the plans by December.
Tamco is now a Guidance Note No. 3/2006 (GN3) company under Bursa Malaysia's listing rules, because it does not have a core business.
Last year, Tamco sold its switchgear business to Larsen & Toubro Ltd, India's top engineering company, for RM378 million. Switchgears control the flow of energy in electrical power systems.
Tamco non-executive chairman Datuk Siew Ka Wei said the company is still on the look-out for a new core business, and has several options at hand.
He, however, did not reveal the options.
When asked if Tamco will either buy an existing business or develop one on its own, Siew said, "It could be a bit of both".
"Whatever business we propose to buy should be a business for the future that is sustainable, of high growth and be significant and relevant," he told reporters after the company's annual shareholders meeting in Kuala Lumpur yesterday.
He said the company remains profitable despite being left with only its non-core businesses consisting of system integration and trading.
These non-core businesses generate profit of between RM4 million and RM5 million and revenue of up to RM50 million per year.
Tamco plans to streamline the company by disposing of its non-profitable businesses in the future.
EMAIL
PRINT
CURRENCY CONVERTER
