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Announcement

PRACTICE NOTE 17 / GUIDANCE NOTE 3 : SUSPENSION AND/OR DELISTING

  • Type
    Announcement
  • Subject
    PRACTICE NOTE 17 / GUIDANCE NOTE 3: SUSPENSION AND/OR DELISTING
  • Description
    PETROL ONE RESOURCES BERHAD ("COMPANY" OR "PETONE")
    - SUSPENSION AND DE-LISTING OF THE SECURITIES OF THE COMPANY

Unless otherwise stated, all definitions and terms used in this announcement shall have the same meanings as defined in the announcements dated 15 November 2013, 28 March 2014, 21 January 2015, 14 August 2015, 28 July 2016, 16 March 2017, 27 July 2017, 28 July 2017, 7 September 2017, 8 February 2018, 29 March 2018 and 10 August 2018.

Reference is made to the announcements dated 15 November 2013, 28 March 2014, 21 January 2015, 14 August 2015, 28 July 2016, 16 March 2017, 27 July 2017, 28 July 2017, 7 September 2017, 8 February 2018, 29 March 2018 and 10 August 2018 in relation to the Proposed Regularisation Plan.

The Board wishes to announce that Bursa Securities had vide its letter dated 13 August 2018, noted the following:

(1) Bursa Securities had on 14 August 2015 approved the Company’s regularisation plan.

(2) Pursuant to paragraph 5.2(b) of Practice Note 17, PETONE must complete the implementation of the Company’s regularisation plan which involved court proceedings within 12 months from the date the plan was approved by Bursa Securities i.e. 13 August 2016.

(3) Bursa Securities had granted the Company the following extensions of time to complete the implementation of its regularisation plan:

  (i) on 15 March 2017, a 12 months extension of time up to 13 August 2017;

  (ii) on 7 September 2017, a 6 months extension of time up to 12 February 2018; and

  (iii) on 29 March 2018, a 6 months extension of time up to 11 August 2018.

(4) PETONE had on 10 August 2018 announced amongst others, that the Company is unable to implement the regularisation plan by 11 August 2018 and/or to formulate a concrete alternative scheme for a further extension of time application at this juncture.

In the circumstances and pursuant to paragraph 8.04(5) of the Listing Requirements:

(a) the trading in the securities of the Company will be and/or remain suspended with effect from 21 August 2018; and

(b) the securities of the Company will be de-listed on 24 August 2018 unless an appeal against the de-listing is submitted to Bursa Securities on or before 20 August 2018 (“the Appeal Timeframe”). Any appeal submitted after the Appeal Timeframe will not be considered by Bursa Securities.

In the event the Company submits an appeal to Bursa Securities within the Appeal Timeframe, the removal of the securities of the Company from the Official List of Bursa Securities on 24 August 2018 shall be deferred pending the decision on the Company’s appeal.

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 any time 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.

This announcement is dated 13 August 2018.

Announcement Info

  • Company Name
    PETROL ONE RESOURCES BERHAD
  • Stock Name
    PETONE
  • Date Announced
    13 Aug 2018
  • Category
    General Announcement for PLC
  • Reference Number
    GA1-13082018-00077

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