KUALA LUMPUR: LUSTER INDUSTRIES BHD []'s (LIB) proposed restructuring exercise, which includes a capital reduction, share split, debt settlement, rights issue and placement, has been rejected by Bursa Malaysia Securities Bhd.
In a statement yesterday, LIB said Bursa Securities had expressed concerns on its ability to turn around its financial performance and operations given that the proposals involved the company maintaining similar business activities as well as concerns on the achievability of forecast in view of uncertain assumptions.
Bursa Securities also expressed concerns on uncertainty of the group's ability to compete, increase and sustain revenue growth in the long term in view of the highly competitive industry.