Kenyataan Media
AMENDED - PN 17: SYARIKAT KAYU WANGI BERHAD TO BE DE-LISTED
Bursa Malaysia Securities Berhad (“Bursa Securities”) today announce that the securities of Syarikat Kayu Wangi Berhad (“SKW” 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 22 November 2007.
Pursuant to Paragraph 8.14C of the Listing Requirements of Bursa Securities (“LR”), 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 SKW
The Securities Commission had vide its letters dated 9 August 2007 and 6 November 2007 rejected SKW’s regularisation plan and the Company’s appeal against the rejection respectively.
Bursa Securities had earlier announced on 8 February 2007 that it shall commence de-listing procedures against SKW.
After due consideration of all facts and circumstances of the matter, Bursa Securities has decided to de-list the securities of SKW from the Official List of Bursa Securities as the Company does not have adequate level of financial 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 22 November 2007, unless an appeal is made to Bursa Securities by 19 November 2007(“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 22 November 2007 shall be deferred pending the decision on the appeal by Bursa Securities. The deferment pending the appeal is a stay in respect of the de-listing and it is not to be equated to 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 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 12 November 2007, there are 25 Amended-PN17 companies which represents 2.51% of the total number of 997 companies listed on Bursa Securities.