Kenyataan Media
AMENDED - PN 17 : SELOGA HOLDINGS BERHAD TO BE DE-LISTED
Bursa Malaysia Securities Berhad (“Bursa Securities”) today announced that the securities of Seloga Holdings Berhad (“SELOGA” or “the Company”), an Amended Practice Note No. 17/2005 (“Amended-PN17”) company, will be de-listed and removed from the Official List of Bursa Securities at 9.00 am on 17 December 2007.
Pursuant to paragraph 8.14C of the Listing Requirements (“LR”) of Bursa Securities, the financial condition and level of operations of a listed issuer on a consolidated basis must, in the opinion of Bursa Securities, warrant continued trading and/or listing on the Official List, failing which Bursa Securities may de-list such listed issuer.
De-Listing of SELOGA
The Securities Commission had on 3 July 2007 and 6 November 2007 respectively rejected both SELOGA’s regularization plan and its appeal against rejection. In this respect, SELOGA has failed to regularize its financial condition pursuant to paragraph 8.14C of the Bursa Securities LR and paragraph 4.0 of Amended-PN17 and no further extension of time has been granted to the Company. Hence, de-listing procedures were commenced against the Company on 9 November 2007.
After due consideration of all facts and circumstances of the matter, Bursa Securities has decided to de-list the securities of the Company from the Official List of Bursa Securities as the Company does not have an adequate level of financial condition to warrant continued listing on the Official List of Bursa Securities.
In this connection, the securities of the Company will be removed from the Official List of Bursa Securities at 9.00 am on 17 December 2007 unless an appeal is made to Bursa Securities within 5 market days from today ie. by 12 December 2007 (“the Appeal Timeframe”).
In the event the Company submits an appeal to Bursa Securities within the Appeal Timeframe, the Company is required to make an immediate announcement of the said appeal and the removal of the Company’s securities from the Official List of Bursa Securities on 17 December 2007 shall be deferred pending the decision of Bursa Securities on the appeal. The deferment pending the outcome of the appeal is a stay in respect of the de-listing and is not to be equated with a variation or a revision of the decision to de-list. The decision remains unless reversed on appeal.
Effect of De-listing from the Official List of Bursa Securities
With respect to the securities of the Company 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 Company 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 Company, the Company will continue to exist but as an unlisted entity. The Company is still able to continue its operations and businesses 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 4 December 2007, there are a total of 24 Amended-PN17 Companies which represents 2.43% of the total number of 988 companies listed on Bursa Securities.