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YEELEE

2.190

+0.01 (+0.5%)

PUBLIC SHAREHOLDINGS SPREAD

YEE LEE CORPORATION BHD

Type Announcement
Subject PUBLIC SHAREHOLDINGS SPREAD
Description
STATUS ANNOUNCEMENT ON COMPLIANCE WITH THE PUBLIC SHAREHOLDING SPREAD REQUIREMENT PURSUANT TO PARAGRAPH 3.3 OF PRACTICE NOTE 19 OF THE MAIN MARKET LISTING REQUIREMENTS OF BURSA MALAYSIA SECURITIES BERHAD ("BURSA SECURITIES") ("LISTING REQUIREMENTS")

We refer to the previous announcements dated 13 June 2019 and 11 July 2019 in relation to the non-compliance with public shareholding spread requirement pursuant to Paragraph 8.02(1) of the Listing Requirements.

 

The terms used herein, unless the context otherwise stated, bear the same meaning as those defined in the earlier announcements in relation to the above matter.

 

The Board of Yee Lee wishes to announce the following Status Announcement on compliance with the public shareholding spread requirement in conjunction with the release of the Company's unaudited quarterly reports for the second quarter ended 30 June 2019, pursuant to Paragraph 3.3 of Practice Note 19 of the Listing Requirements.

 

The Company currently does not comply with the public shareholding spread requirement as set out in Paragraph 8.02(1) of the Listing Requirements which stipulates that a listed issuer must ensure at least 25% of its total listed shares (excluding treasury shares) are in the hands of public shareholders. The public shareholding spread of Yee Lee is 10.06% as at the date of this announcement.

 

The shortfall in the public shareholding spread of Yee Lee arose as a direct consequence of the Offer which had closed on 3 July 2019. At this juncture, the Joint Offerors do not intend to take any steps to address the aforesaid shortfall, and intend to explore various options to withdraw the listing status of Yee Lee from the Official List of Bursa Securities. Accordingly, as at the date of this announcement, no satisfactory plan has yet been identified to address the non-compliance with the public shareholding spread requirement.

 

Earlier on 11 July 2019, the Company had announced that Bursa Securities had vide its letter dated 10 July 2019, granted the Company an extension of time of 6 months until 4 January 2020, to comply with the public shareholding spread requirement pursuant to Paragraph 8.02(1) of the Listing Requirements.

 

This announcement is dated 28 August 2019.






Announcement Info

Company Name YEE LEE CORPORATION BHD
Stock Name YEELEE
Date Announced 28 Aug 2019
Category General Announcement for PLC
Reference Number GA1-28082019-00009