The Board of Directors of MAXWELL hereby announces that Bursa Malaysia Securities Berhad ("Bursa Securities") has vide its letter dated 2 October 2019 informed that after due consideration of all facts and circumstances of the matter including the oral representations on 18 September 2019 and all written representations, Bursa Securities has decided to :-

(a)   dismiss the Company’s appeal for an extension of time of six (6) months from 22 August 2019 for the Company to submit a regularisation plan to the relevant authorities; and

(b)   de-list the securities of the Company from the Official List of Bursa Securities pursuant to paragraph 8.04 of the Main Market Listing Requirements (“Main LR”).

In that circumstances, the securities of the Company will be removed from the Official List of Bursa Securities upon the expiry of two (2) market days from 2 October 2019, i.e. on Monday, 7 October 2019.

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 It is not mandatory for the securities of a company which has been de-listed to be withdrawn from Bursa Depository.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 2 October 2019.