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PUBLIC SHAREHOLDINGS SPREAD

YEE LEE CORPORATION BHD

Type Announcement
Subject PUBLIC SHAREHOLDINGS SPREAD
Description
PUBLIC SHAREHOLDING SPREAD PURSUANT TO PARAGRAPH 8.02(1) 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, 11 July 2019, 28 August 2019 and 28 November 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.

 

On 26 April 2019, UOB Kay Hian Securities (M) Sdn Bhd ("UOBKH") had, on behalf of Yee Lee Organization Bhd, Dato' Lim A Heng @ Lim Kok Cheong, Datin Chua Shok Tim @ Chua Siok Hoon, Lim Ee Young and Langit Makmur Sdn Bhd (collectively the "Joint Offerors"), served a notice of offer on our Board of Directors ("Board"), informing of the Joint Offerors' intention to undertake an unconditional voluntary take-over offer to acquire all the remaining ordinary shares in Yee Lee ("Yee Lee Shares") not already held by the Joint Offerors for a cash offer price of RM2.33 per Yee Lee Share ("Offer"). The Offer subsequently closed on 3 July 2019.

 

Subsequent to the closing of the Offer and as at the date of this announcement, the public shareholding spread of Yee Lee stands at 10.06%. As such, Yee Lee continues to be deemed not in compliance with the public shareholding spread requirement under Paragraph 8.02(1) of the Listing Requirements which stipulates that a listed issuer must ensure that at least 25% of its total listed shares (excluding treasury shares) are in the hands of public shareholders ("Public Spread Requirement").

 

We further wish to inform that Bursa Securities had vide its letter dated 23 December 2019 granted the Company a further extension of time of 6 months until 4 July 2020, to comply with the Public Spread Requirement.

 

At this juncture, the Joint Offerors do not intend to take any steps to address the shortfall in the public shareholding spread of Yee Lee, which arose as a direct consequence of the Offer, and are currently evaluating various options to withdraw the listing status of Yee Lee from the Official List of Bursa Securities.

 

This announcement is dated 24 December 2019.






Announcement Info

Company Name YEE LEE CORPORATION BHD
Stock Name YEELEE
Date Announced 24 Dec 2019
Category General Announcement for PLC
Reference Number GA1-24122019-00038