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Bursa Malaysia Securities Berhad ("Bursa Securities") today announced that the securities of FA Peninsular Berhad ("FAP" or "the Company"), an Amended Practice Note No. 17/2005 ("PN17") company, will be de-listed and removed from the Official List of Bursa Securities at 9.00 am on Thursday, 13 December 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 FAP
The Company had earlier announced on 19 September 2007 that Bursa Securities had allowed FAP's appeal against the decision to de-list the Company's securities from the Official List of Bursa Securities and to grant FAP an extension of time until 30 November 2007 to make the Requisite Announcement ("RA") of the Company's regularisation plans in accordance with paragraph 8.14C of the LR and PN17.
It was also decided that if any of the events set out below occurs, the securities of FAP shall be removed from the Official List of Bursa Securities upon expiry of seven (7) market days from the date the Company is notified by Bursa Securities or such other date as may be specified by Bursa Securities: -
FAP has failed to make the RA of the Company's regularisation plans in accordance with paragraph 8.14C of the LR and PN17 by 30 November 2007.
In the circumstances and in accordance with Bursa Securities' earlier decision, the securities of FAP 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 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 It is not mandatory for the securities of a company which has been de-listed to be withdrawn from Bursa Depository.
另外,公司的股东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, it 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 3 December 2007, there are 25 Amended-PN17 companies which represent 2.5% of the total number of 988 companies listed on Bursa Securities.