AMSTEEL-DE-LISTING OF SECURITIES
|AMSTEEL CORPORATION BERHAD|
LISTING'S CIRCULAR NO. L/Q : 46415 OF 2007
Bursa Malaysia Securities Berhad ("Bursa Securities") had earlier announced on 1 August 2007 that it had allowed AMSTEEL’s appeal against the decision to de-list the Company’s securities from the Official List of Bursa Securities and to grant AMSTEEL an extension of time until 30 September 2007 to make the Requisite Announcement (“RA”) of the Company’s regularisation plans in accordance with paragraph 8.14C of the Listing Requirements Of Bursa Securities ("LR") and Practice Note No. 17/2005 ("PN17").
It was also decided that if any of the events set out below occurs, the securities of AMSTEEL shall be removed from the Official List of Bursa Securities upon expiry of seven (7) market days from the date the Company is notified by Bursa Securities or such other date as may be specified by Bursa Securities: -
a) the Company fails to make the RA in accordance with paragraph 8.14C of the LR and PN17 by 30 September 2007;
b) the Company fails to submit the regularisation plans to the Approving Authorities for approval by 31 October 2007;
c) the Company fails to obtain the approval from any of the Approving Authorities necessary for the implementation of its regularisation plans and does not appeal to the Approving Authorities within the timeframe (or extended timeframe, as the case may be) prescribed to lodge an appeal;
d) the Company does not succeed in its appeal against the decision of the Approving Authorities; or
e) the Company fails to implement its regularisation plans within the timeframe or extended timeframes stipulated by the Approving Authorities.
AMSTEEL has failed to make the RA of the Company’s regularisation plans in accordance with paragraph 8.14C of the LR and PN17 by 30 September 2007.
In the circumstances and in accordance with Bursa Securities’ earlier decision, the securities of AMSTEEL will be removed from the Official List of Bursa Securities at 9.00 am on Thursday, 11 October 2007.
Effect of De-Listing from the Official List of Bursa Securities
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 It is not mandatory for the securities of a company which has been de-listed to be withdrawn from Bursa Depository.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 by submitting an application form for withdrawal in accordance with the procedures prescribed by Bursa Depository. Shareholders of the Company 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 AMSTEEL, it will continue to exist but as unlisted entities. AMSTEEL is still able to continue its operations and business and proceed with its corporate restructuring and its shareholders can still be rewarded by AMSTEEL’s performance. However, the shareholders will be holding shares which are no longer quoted and traded on Bursa Securities.
|Company Name||AMSTEEL CORPORATION BERHAD |
|Stock Name ||AMSTEEL
|Date Announced||1 Oct 2007 |
|Reference No||KS-071001-53348 |