Kenyataan Media
AMENDED PN17: MPTECH TO BE DE-LISTED
Bursa Malaysia Securities Berhad ("Bursa Securities") today announced that the securities of an Amended Practice Note No. 17/2005 ("Amended PN17") company, MP Technology Resources Berhad ("MPTECH") will be de-listed and removed from the Official List of Bursa Securities at 9.00 a.m. Wednesday, 14 November 2007.
Pursuant to Paragraph 8.14C of the Listing Requirements ("LR"), the financial condition and level of operations of a listed company on a consolidated basis must warrant continued listing on the Official List of Bursa Securities. If the financial condition and level of operations of a listed company does not warrant continued listing on the Official List of Bursa Securities, Bursa Securities may de-list the company.
De-listing of MPTECH
MPTECH has failed to submit a regularisation plan to the relevant authorities for approval within the timeframe prescribed in Paragraph 8.14C of the LR and Paragraph 4.0 of Practice Note No. 17/2005 and no further extension of time has been granted to the Company.
Bursa had earlier announced on 27 September 2007 that it had commenced de-listing procedures against MPTECH.
After having considered all the facts and circumstances of the matter, Bursa Securities has decided to de-list the securities of the MPTECH from the Official List of Bursa Securities as MPTECH 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 Wednesday, 14 November 2007 unless an appeal is made to Bursa Securities within 5 market days from today i.e. by 12 November 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 securities of MPTECH from the Official List of Bursa Securities on 14 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 deposited with Bursa Malaysia Depository Sdn Bhd ("Bursa Depository"), please be informed that the securities of the Company may remain deposited with Bursa Depository notwithstanding the de-listing of the securities of the Company from the Official List of Bursa Securities. It is not mandatory for the securities of the Company to be withdrawn from Bursa Depository.
Alternatively, shareholders of the Company who intend to hold their securities in the form of physical certificate can withdraw these securities from their Central Depository System accounts with Bursa Depository, at anytime after the securities of the Company are de-listed from the Official List of Bursa Securities by submitting the application form for withdrawal in accordance with the procedures prescribed by Bursa Depository. Shareholders of the Company can contact any Participating Organisation of Bursa Securities and/or Bursa Securities’ General Line at 03-2034 7000 for information on the withdrawal procedures.
Upon the de-listing of MPTECH, it will continue to exist but as an unlisted entity. MPTECH 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 2 November 2007, there are a total of 25 Amended PN17 Companies which represents 2.5% of the total number of 997 companies listed on Bursa Securities.