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PETALING JAYA: Bursa Malaysia has rejected Kinsteel Bhd ’s proposed regularisation plan given the plan’s heavy reliance on its subsidiaries financial performance. The proposed regularisation scheme is dependent on Perfect Channel Sdn Bhd (PCSB) and Perfect Wiremakers Sdn Bhd (PWSB)’s ability to generate sufficient revenue, income and operating cash flow. PCSB and PWSB have registered low profit margins and continuing losses for the last five financial years from June 30,2016 to the 16-month financial period ended Oct 30,2020. PCSB has also temporarily ceased operation due to a fire incident involving its power transformer. “Notwithstanding the principal adviser’s representations that the proposed SOA reduces Kinsteel and its subsidiaries’ financial burden and pressure on cash flow and will contribute positively to the earnings of the Kinsteel Group, it is noted that the estimated savings via the reduction in the depreciation and finance costs are on ....