We refer to the First Announcement dated 25 October 2013 made by the Company in relation to the Company being classified as a PN17 Issuer and the subsequent monthly announcements pursuant to the requirements under PN17, the announcement dated 19 December 2014 in relation to the approval for an extension of time from Bursa Securities until 28 February 2015 for the Company to submit a regularisation plan to the regulatory authorities for approval (“Regularisation Plan”), the announcement dated 10 April 2015 in relation to the approval for a further extension of time from Bursa Securities until 30 June 2015 for the Company to submit the Regularisation Plan, the announcement dated 23 September 2015 and the subsequent announcements made by the Company pursuant to Paragraph 9.19A of the MMLR, the announcement dated 5 October 2015 in relation to the approval for a further extension of time from Bursa Securities until 31 January 2016 for the Company to submit the Regularisation Plan, the announcement dated 4 May 2016 in relation to the approval for a further extension of time from Bursa Securities until 31 July 2016 for the Company to submit the Regularisation Plan, the announcement dated 29 July 2016 in relation to the submission of an application for a further extension of time from Bursa Securities for the Company together with SJ Securities Sdn Bhd to explore available options for the Regularisation Plan and the announcement dated 30 September 2016 in relation to Bursa Securities’ decision to de-list the securities of the Company from the Official List of Bursa Securities’ on 12 October 2016 (“Decision”) (“Announcements”). Unless otherwise stated, defined terms in this announcement shall carry the same meanings as defined in the Announcements.
On 29 September 2016, SJ Securities Sdn Bhd had on behalf of the Board of Directors of LCB announced that Bursa Securities has vide its letter dated 29 September 2016 decided to reject the Company's application for a further extension of time up to 30 November 2016 for the Company to submit the Regularisation Plan (“Decision”) as there is no material development towards the finalisation and submission of the Regularisation Plan to the regulatory authorities.
The Board of Directors of the Company had on 30 September 2016 announced the Decision and that Bursa Securities has informed that the securities of the Company will be de-listed on 12 October 2016 unless an appeal against the de-listing is submitted to Bursa Securities on or before 7 October 2016 (“Appeal”).
The Board of Directors of the Company hereby announce that the Company has resolved that the Company will not be submitting the Appeal in view that all material developments in relation to the Regularisation Plan have been disclosed to Bursa Securities for their deliberation in arriving at the Decision.
Pursuant to paragraph 8.04(5) of the Bursa Securities’ Main Market Listing Requirements, the trading in the securities of the Company will be suspended with effect from 10 October 2016 and the securities of the Company will be de-listed on 12 October 2016.
Notwithstanding the delisting, the Company will still continue its operations and business as an unlisted entity.