Petrol One Resources Berhad (PETONE) has failed to regularise its condition in accordance with paragraph 8.04(3)(a)(ii) of the Bursa Malaysia Securities Berhad (Bursa Securities) Main Market Listing Requirements (Main LR) where PETONE had on 10 August 2018 announced amongst others, that the company is unable to implement the regularisation plan by11 August 2018.
In the circumstances and pursuant to paragraph 8.04(5) of the Bursa Securities Main Market Listing Requirements, please be informed that:-
(i) the trading in the securities of PETONE will be and/or remain suspended with effect from 21 August 2018; and
(ii) the securities of PETONE 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 PETONE 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 PETONE 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 It is not mandatory for the securities of a company which has been de-listed to be withdrawn from Bursa Depository.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 PETONE 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 PETONE, the company will continue to exist but as an unlisted entity. PETONE 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.