The End Of The Road

Antah Holdings' days as a listed entity look numbered. Whither the

AFTER some 22 years on the local exchange, Antah Holdings Bhd's fortunes as a listed entity are now the prerogative of Bursa Malaysia.

The exchange, on Jan 3, commenced procedures to delist the company. Its securities have been suspended since Feb 2, 2004 after its management failed to release its audited annual report for the financial year (FY) ended June 30, 2004, which was due on December 2004.

Antah has been publicly reprimanded and fined a few times by the exchange over the past three years, the last being a RM118,000 fine last April for failing to submit its FY04 annual report.

The delisting of Antah would hardly be noticed by the investment community, save for its shareholders and creditors and probably some diehard punters as the company was one of the closely followed stocks in the 1980s and early 1990s for good reason. `They promised much with assets like Permanis, 7-Eleven, Oiltools and the Seremban- Kajang toll road project but fell short on delivery. The company has been under-performing since the mid-1990s and analysts stopped tracking it when it slipped into trouble,' says the research manager of a local brokerage.

A major shareholder in Antah now is Country Heights Holdings Bhd's Group Managing Director Tan Sri Lee Kim Yew, who acquired a 10% stake in October 2004. The Negeri Sembilan royal family have an indirect stake of 25% via Kra Capital Sdn Bhd and Rock Point Alliance Sdn Bhd.

Now, creditors and Bursa Malaysia are going for its jugular. Antah's management, on their part, are trying to buy some time. The company sent its audited FY04 report to the exchange at the end of last December.

Even if Bursa Malaysia does not delist Antah, there could be more fines to pay. Its...