Reference is made to the announcements dated 5 August 2014 and 3 September 2014 in relation to the appeal against the de-listing of securities of BGB.

The Company wishes to announce that Bursa Malaysia Securities Berhad ("Bursa Securities") has issued a letter dated 17 November 2014 in respect of the Company’s appeal for an extension of time to submit a new regularisation plan and de-listing of BGB, wherein Bursa Securities informed that after due deliberation and having considered all the facts and circumstances of the matter including the Company’s written and oral representations, the Listing Committee has resolved to:

(a) Dismiss the Company appeal for an extension of time of six (6) months until 2 March 2014 to submit a new regularisation plan to the relevant authorities for approval; and

(b) De-list the securities of BGB from the Official List of Bursa Securities pursuant to paragraph 8.04 of the Main LR.

In arriving at the aforesaid decision, the Listing Committee had considered, amongst others, the following factors:

i) Since the First Announcement on 19 November 2012, BGB has had approximately 24 months to regularise it financial condition;

ii) BGB had failed to regularise the Company’s financial condition in accordance with paragraph 8.04 of the Main LR and Practice Note 17 (“PN17”);

iii) The regularisation plan submitted by BGB did not comply with paragraph 3.1 of the PN17 and had been rejected by Bursa Securities. Further, the Company had on 5 November 2014 announced that the White Knight, Trinity Group Sdn Bhd, had considered and decided not to resume negotiation on the proposed reverse take-over (“Proposed RTO). The Company had also received a letter dated 4 November 2014 from Kenanga Investment Bank Berhad notifying that its appointment as adviser to the Proposed RTO would cease accordingly;

iv) BGB’s financial position based on the Company’s annual audited accounts for the financial year ended 30 June 2009 until 30 June 2014;

v) 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;

vi) The requirement for companies to have an adequate level of financial condition and level of operations serves to ensure that companies listed on the Official List are of a certain minimum quality.  Companies that have a minimum level of financial condition and level of operations serve to preserve and sustain market integrity and investors’ confidence; and

vii) In the opinion of the Listing Committee, adequate time and opportunity had been accorded to BGB to regularise the Company’s financial condition since BGB’s First Announcement on 19 November 2012.

Accordingly, 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 of the said letter from Bursa Securities, i.e. on Thursday, 20 November 2014.

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 anytime 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. 

This announcement is dated 18 November 2014.