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Announcement

DELISTING OF SECURITIES

  • Type
    Announcement
  • Subject
    DELISTING OF SECURITIES
  • Description
    PETROL ONE RESOURCES BERHAD ("THE COMPANY" OR "PETONE")
    - FURTHER APPEAL AGAINST DE-LISTING UNDER PARAGRAPH 8.04 OF BURSA MALAYSIA SECURITIES BERHAD ("BURSA SECURITIES") MAIN MARKET LISTING REQUIREMENTS ("MAIN LR")

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, 10 August 2018, 13 August 2018, 20 August 2018, 3 October 2018, 12 October 2018 and 21 November 2018.

Reference is made to the announcement dated 21 November 2018, wherein the Company had on 19 November 2018 submitted an application to Bursa Securities seeking its approval for a further extension of time of ninety (90) days up to 20 February 2019 for the Company to submit the Proposed Regularisation Plan.

The Board of Directors of PETONE hereby announce that Bursa Securities had vide its letter dated 12 December 2018, informed that after due consideration of all facts and circumstances of the matter including the written representations of PETONE and Mercury Securities Sdn. Bhd., Bursa Securities had decided to:-

(a) dismiss the Company’s further appeal for an extension of time of 90 days up to 20 February 2019 to submit the revised regularisation plan; and

(b) de-list the securities of the Company from the Official List of Bursa Securities pursuant to Paragraph 8.04 of the Main LR.

The securities of PETONE will be removed from the Official List of Bursa Securities upon the expiry of two (2) market days from the date hereof, i.e. Monday, 17 December 2018.

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 It is not mandatory for the securities of a company which has been de-listed to be withdrawn from Bursa Depository.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 of 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 03-20347000 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 businesses 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 12 December 2018.

Announcement Info

  • Company Name
    PETROL ONE RESOURCES BERHAD
  • Stock Name
    PETONE
  • Date Announced
    12 Dec 2018
  • Category
    General Announcement for PLC
  • Reference Number
    GA1-12122018-00106

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