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buy apple developer account( Securities rejects Catcha Digital’s revamp plan


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KUALA LUMPUR: Bursa Securities has rejected Catcha Digital Bhd’s (formerly Rev Asia Bhd) proposed regularisation plan on concerns about suitability of iMedia Group in the revamp plan.

In a statement to Bursa Malaysia, it said Catcha Digital’s sponsor has not demonstrated to the satisfaction of Bursa Securities the ability of the plan to comply with Chapter 3 and Guidance Note 18 (GN18) of the ACE Market Listing Requirements.

Bursa Securities said in the financial years under review, iMedia did not have any business operations and hence did not generate any revenue.

“The suitability and viability of iMedia, which is an investment holding company and the core operating business target of the Company as part of its proposed regularisation plan, is based on a combination of five of its operating subsidiaries, which were only recently acquired by iMedia from different vendors,” it said.

Bursa Securities said the company/iMedia had not demonstrated to the satisfaction of Bursa Securities on the suitability and viability of the enlarged iMedia Group to regularise the company's GN2 status.

Bursa Securities cited these factors and also the financial performance of the companies within the iMedia Group as well as the financial performance of the company for FYE Dec 31, 2020.

Another issue the regulator highlighted was the proposed regularisation may result in a potential non-compliance with the public shareholding requirement.

This was due to the additional purchase consideration by the company via the issuance of new shares.

Bursa Securities also said the sponsor and the company had not undertaken the key internal controls assessment and risk management system assessment for iMedia, Oh Media Sdn Bhd, Ittify Sdn Bhd, Goody Technologies Sdn Bhd, Nara Media Sdn Bhd and Moretify Sdn Bhd.

Goody Technologies, which is 60% owned by iMedia (acquired on Dec 21 last year) does not have a business licence as it has been operating from a residential premise.

“The Sponsor should demonstrate sound understanding of, amongst others, the applicant's business and operations including its historical financial information.

“The company and the sponsor’s explanations and justifications on the historical financial information of the iMedia Group were based on a proforma historical financial information of the companies within the iMedia Group which had different financial year ends and different financial periods for a particular year end.

“In addition, the financial information for the latest financial year was prepared on a consolidated basis with the inclusion of only three out of the five subsidiaries.

“As such, Bursa Securities is not satisfied that the company and the sponsor have a sound understanding of the suitability of the enlarged iMedia Group to regularise the company's GN2 status,” it said.


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