COMCORP

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PRACTICE NOTE 17 / GUIDANCE NOTE 3 : SUSPENSION AND/OR DELISTING

COMINTEL CORPORATION BHD

Type Announcement
Subject PRACTICE NOTE 17 / GUIDANCE NOTE 3
SUSPENSION AND/OR DELISTING
Description
COMINTEL CORPORATION BHD ("Comcorp" or "the Company")

The Board of Directors of Comcorp (“Board”) wishes to announce that Bursa Malaysia Securities Berhad (“Bursa Securities”) has vide its letter dated 20 May 2021 informed that:

 

(i)         Comcorp had failed to submit its regularisation plan to the Securities Commission Malaysia or Bursa Securities for approval within the stipulated timeframe; and

 

(ii)        Comcorp’s application for a further extension of time to submit the regularisation plan had been rejected.

 

In the circumstances and pursuant to paragraph 8.04(5) of the Bursa Securities Main Market Listing Requirements (“Main LR”):

 

(a)        the trading in the securities of Comcorp will be suspended with effect from 31 May 2021; and

 

(b)        the securities of the Company will be de-listed on 2 June 2021 unless an appeal against the de-listing is submitted to Bursa Securities on or before 28 May 2021 (“the Appeal                 Timeframe”). Any appeal submitted after the Appeal Timeframe will not be considered by Bursa Securities.

 

In the event the Company submits an appeal to Bursa Securities within the Appeal Timeframe, the de-listing of the securities of the Company from the Official List of Bursa Securities on 2 June 2021 will be deferred pending the decision on the Company’s appeal. However, Bursa Securities shall proceed to suspend the trading of the Company’s securities on 31 May 2021 even though the decision of the Company’s appeal is still pending.

 

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 It is not mandatory for the securities of a company which has been de-listed to be withdrawn from Bursa Depository.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

 

Further, in the event the Company submits an appeal to Bursa Securities, the Company is required to make an announcement of the appeal and that the de-listing of the securities of the Company on 2 June 2021 will be deferred pending the decision on the Company's appeal by Bursa Securities.

 

The Board will deliberate on the next course of action and will make the relevant announcement in due course.

 

 

This announcement is dated 20 May 2021.

 






Announcement Info

Company Name COMINTEL CORPORATION BHD
Stock Name COMCORP
Date Announced 20 May 2021
Category General Announcement for PLC
Reference Number GA1-20052021-00131