We refer to our announcements dated 21 December 2012, 3 January 2013, 5 February 2013, 8 March 2013, 2 April 2013, 6 May 2013, 4 June 2013, 1 July 2013, 5 August 2013, 3 September 2013, 1 October 2013, 1 November 2013, 6 December 2013, 20 December 2013, 23 December 2013, 8 January 2014, 28 January 2014, 5 March 2014, 1 April 2014, 14 April 2014,2 May 2014, 3 June 2014, 4 July 2014 and 1 August 2014.
The Board of Directors of Maxtral Industry Berhad ("Maxtral" or the "Company") wishes to inform that the Company had on 20 December 2013 submitted an application to Bursa Malaysia Securities Berhad ("Bursa Securities") for extension of time ("Application") to submit its Regularisation Plan to the Securities Commission or Bursa Securities (as the case may be). The Company was required to submit its Regularisation Plan on or before 22 December 2013.
The Company was further informed by Bursa Malaysia Berhad by its letter dated 23 December 2013 that the suspension on the trading of the Company's securities and de-listing of the Company in accordance with Paragraph 8.04(5) of the Main Market Listing Requirements shall be deferred pending decision on the Application.
On 19 February 2014, Bursa Malaysia Berhad informed the Company by letter that the Application, after due consideration of all facts and circumstances of the matter, was rejected. The Company was informed that the trading in the securities of the Company will remain suspended until further notice and the securities of the Company will be de-listed on 3 March 2014 unless an appeal against the de-listing is submitted to Burs Securities on or before 26 February 2014 ("the Appeal Timeframe"). Any appeal submitted after the Appeal Timeframe will not be considered by Bursa Securities.
In response to the above decline, the Company received a reply from Bursa Securities. After due consideration of all facts and circumstances of the case including the written and oral representations of the Company and the following:-
- AmInvestment Bank Berhad had been appointed as the principal adviser for the Company's proposed Regularisation Plan on 17 March 2014; and
- Subsequent to the termination of the Company's earlier Regularisation Plan involving NEP Holdings Berhad and Fenghua Construction Engineering Co Ltd in January and March 2014 respectively, the Company had managed to secure a new knight i.e. Bountiful Returns Sdn. Bhd. ("Bountiful") and had received conditional letters of offers dated 20 March 2014 from Bountiful for the supply of timber logs and leasing of a factory.
Bursa Securities has decided to grant Maxtral an extension of time until 31 July 2014 as requested to submit the Regularisation Plan to the relevant authorities for approval ("the Extended Timeframe").
Bursa Securities further decided to de-list the securities of the Company from the Official List of Bursa Securities pursuant to paragraph 8.04 of the Main Market Listing Requirements in the event:-
(i) the Company fails to submit the Regularisation Plan to the relevant authorities for approval within the Extended Timeframe;
(ii) the Company fails to obtain the approval for the implementation of its Regularisation Plan and does not appeal within the timeframe (or Extended Timeframe, as the case may be) prescribed to lodge an appeal;
(iii) the Company does not succeed in its appeals; or
(iv) the Company fails to implement its Regularisation Plan within the Timeframe or Extended Timeframe stipulated by the relevant authorities.
Upon occurrence of any of the events set out in (i) to (iv) above, the securities of the Company shall be removed from the Official List of Bursa Securities upon the expiry of two (2) market days from the date the Company is notified by Bursa Securities or such other date as may be specified by Bursa Securities.
In arriving at the aforesaid decision to de-list the Company upon occurrence of any of the events set out in (i) to (iv), Bursa Securities had considered, amongst others, the following factors:-
(1) Maxtral had failed to regularise the Company' financial condition in accordance with paragraph 8.04 of the Main Market Listing Requirements and PN17;
(2) the Company had started making losses since financial year ended 31 December 2010 and the financial results of Maxtral for the past three (3) financial years ended ("FYE") 31 December 2010 to 31 December 2012 and the Company's latest quarterly report for the financial period ended 31 December 2013 (4th Quarter 2013 as follows:
Item
| FYE 31/12/2010 (RM'000)
| FYE 31/12/2011 (RM'000)
| FYE 31/12/2012 (RM'000)
| 4th Quarter 2013 (RM'000)
|
Revenue
| 61,464
| 21,936
| 15,441
| 1,704
|
(Loss)/profit before tax
| (11,091)
| (120,913)
| (42,393)
| (84,052)
|
(Loss)/profit after tax
| (10,041)
| (118,243)
| (41,405)
| (67,335)
|
Shareholders' equity
| 192,314
| 76,181
| 34,776
| (30,582)
|
Total interest bearing borrowings
| 62,409
| 61,063
| 62,422
| 33,910
|
Net current assets/(liabilities)
| 39,529
| 3,439
| (32,575)
| (30,658)
|
(3) 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 Market Listing Requirements and PN17 or Extended Timeframe as may be granted by Bursa Securities;
(4) 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
(5) in the opinion of Bursa Securities, adequate time and opportunity had been accorded to Maxtral to regularise the Company's financial condition since Maxtral's First Announcement on 21 December 2012.
On 25 July 2014, on behalf of the Board of Directors of Maxtral, AmInvestment Bank Berhad announced that an application was submitted to Bursa Securities for an extension of time of five (5) months from the submission of Proposed Regularisation Plan deadline of 31 July 2014 for Maxtral to finalise the Proposed Regularisation Plan Prior to the submission to the relevant authorities.
This announcement is dated 2 September 2014.