On 9 December 2021, the Company announced the submission of an application to Bursa Securities seeking its approval for a proposed further extension of time of an additional 6 months until 9 June 2021 for the Company to submit a regularisation plan to the relevant authorities.
On behalf of the Board of Directors of APFT (“Board”), TA Securities Holdings Berhad (“TA Securities”) wishes to announce that Bursa Securities has vide its letter dated 8 January 2021 informed the Company that after due consideration of all facts and circumstances of the matter, Bursa Securities has decided to:
(a) dismiss the Company's further appeal for an extension of time of six (6) months until 9 June 2021 to submit its regularisation plan to the relevant authorities (“Further Appeal”); 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.
In the circumstances, please be informed that the securities of the Company will be removed from the Official List of Bursa Securities upon the expiry of two (2) market days from the date hereof, i.e. on 13 January 2021.
In arriving at the aforesaid decision, Bursa Securities has considered, amongst others, the following factors:
(1) The progress in respect of the Company's proposed regularisation plan since the extension of time granted by Bursa Securities on 9 June 2020 as follows:
(i) the memorandum of understanding with HELP lnternational Corporation Berhad (“HELP International”) had lapsed on 9 September 2020 and the Board had decided to discontinue the negotiations with HELP International; and
(ii) the Company had identified a new white knight, i.e. Paragrene Lane Sdn. Bhd. (“PL”) and entered into a memorandum of understanding with the shareholders of PL on 7 December 2020. However, the proposal/proposed regularisation plan in this regard was still preliminary and lacked certainty/clarity. Further, TA Securities would only be consulting with the Securities Commission on the suitability of PL for listing within 2 months from the date of Bursa Securities’ approval of the Further Appeal.
(2) Since the First Announcement on 19 January 2018, APFT has had approximately 2 years and 11 months to regularise the Company’s financial condition in accordance with paragraph 8.04 of the Main LR and Practice Note 17 (“PN17”).
(3) APFT had failed to regularise the Company’s financial condition in accordance with paragraph 8.04 of the Main LR and PN17.
(4) The financial information of APFT Group as set out in Appendix I of TA Securities’ letter dated 9 December 2020.
(5) All PN17 companies are required to regularise their financial condition and level of operations expeditiously within the timeframes prescribed in paragraph 8.04 of the Main LR and PN17 or extended timeframe as may be granted by Bursa Securities.
(6) The requirement for companies to have an adequate level of financial condition and operations serves to ensure that companies listed on the Official List are of a certain minimum quality as well as to preserve and sustain market integrity and investors’ confidence.
(7) In the opinion of Bursa Securities, adequate time and opportunity had been accorded to APFT to regularise the Company’s financial condition.
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 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 8 January 2021.