The Board of Directors of MAXWELL hereby announces that Bursa Malaysia Securities Berhad ("Bursa Securities") has vide its letter dated 9 August 2019 informed that MAXWELL had failed to regularise its condition in accordance with paragraph 8.04(3)(a) of the Main Market Listing Requirements (“Main LR”) where the Company has failed to submit its regularisation plan to the Securities Commission or Bursa Securities for approval within the stipulated timeframe and the Company's application for a further extension of time to submit the regularisation plan had been rejected, as communicated by Bursa Securities to the Company on 9 August 2019.

In that circumstances and pursuant to paragraph 8.04(5) of the Main LR :

(a)  the trading in the securities of MAXWELL will be and/or remain suspended with effect from 20 August 2019; and

(b)  the securities of the Company will be de-listed on 22 August 2019 unless an appeal against the de-listing is submitted to Bursa Securities on or before 19 August 2019 (“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 removal of the securities of the Company from the Official List of Bursa Securities on 22 August 2019 shall be deferred pending the decision of the Company’s appeal.

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 It is not mandatory for the securities of a company which has been de-listed to be withdrawn from Bursa Depository.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 that the Company submits an appeal to Bursa Securities, the Company will make an announcement of the appeal and that the removal of the securities of the Company on 22 August 2019 will be deferred pending the decision on the Company’s appeal by Bursa Securities.

This announcement is dated 9 August 2019.