Kenyataan Media
AMENDED - PN 17 : APPEALS OF MP TECHNOLOGY RESOURCES BERHAD AND SYARIKAT KAYU WANGI BERHAD AGAINST DE-LISTING DISALLOWED
Bursa Malaysia Securities Berhad (“Bursa Securities”) today announced that the securities of MP Technology Resources Berhad (“MPTECH”) and Syarikat Kayu Wangi Berhad (“SKW”), both Amended Practice Note No. 17/2005 companies, will be de-listed and removed from the Official List of Bursa Securities on 13 December 2007.
Bursa Securities had earlier announced on 2 November 2007 its decision to de-list the securities of MPTECH from the Official List of Bursa Securities as MPTECH had failed to submit its regularisation plan to the Securities Commission (“SC”) and other relevant authorities for approval by 25 September 2007 in accordance with paragraph 8.14C of the LR and paragraph 4.1 of PN17 and no further extension of time has been granted to MPTECH.
Bursa Securities had earlier announced on 12 November 2007 its decision to de-list the securities of the SKW from the Official List of Bursa Securities as the SC had vide its letters dated 9 August 2007 and 6 November 2007 rejected SKW’s regularisation plan and its appeal against the rejection respectively.
MPTECH and SKW had submitted their appeals against the decision of Bursa Securities to de-list their securities from the Official List of Bursa Securities on 12 and 15 November 2007 respectively and given the appeals, the removal of the securities of the companies were deferred pending the decision of Bursa Securities on the appeals.
After having considered all the facts and circumstances of the matters, Bursa Securities has resolved that the appeals of the companies be disallowed and that the securities of the companies be de-listed from the Official List of Bursa Securities as the companies do not have adequate level of financial conditions to warrant continued listings on the Official List of Bursa Securities.
In this connection, the securities of the above companies will be removed from the Official List of Bursa Securities at 9:00 am on Thursday, 13 December 2007
Effect of De-listing from the Official List of Bursa Securities
With respect to the securities of the companies which are currently deposited with Bursa Malaysia Depository Sdn Bhd ("Bursa Depository"), the securities may remain deposited with Bursa Depository notwithstanding the de-listing of the securities from the Official List of Bursa Securities. It is not mandatory for the securities of a company which has been de-listed to be withdrawn from Bursa Depository.
Alternatively, shareholders of the companies who intend to hold their securities in the form of physical certificates, can withdraw these securities from their Central Depository System (CDS) accounts maintained with Bursa Depository at anytime after the securities of the company have been de-listed from the Official List of Bursa Securities. This can be effected by the shareholders submitting an application form for withdrawal in accordance with the procedures prescribed by Bursa Depository. These shareholders can contact any Participating Organisation of Bursa Securities and/or Bursa Securities’ General Line at 03-2034 7000 for further information on the withdrawal procedures.
Upon the de-listing of the companies, the companies will continue to exist but as an unlisted entity. The companies are still able to continue its operations and business and proceed with its corporate restructuring and its shareholders can still be rewarded by the company’s performance. However, the shareholders will be holding shares which are no longer quoted and traded on Bursa Securities.
Status of Amended PN17 Companies
As at 3 December 2007, there are 25 Amended-PN17 companies which represents 2.53% of the total number of 988 companies listed on Bursa Securities.