CNLT-PUBLIC REPRIMAND AND DE-LISTING FOR FAILING TO SUBMIT FINANCIAL STATEMENTS
|CNLT (FAR EAST) BERHAD|
LISTING'S CIRCULAR NO. L/Q : 52588 OF 2009
Bursa Malaysia Securities Berhad ("Bursa Securities") hereby publicly reprimands CNLT (Far East) Berhad [In Liquidation] ("CNLT" or "the Company") for breaches of paragraphs 9.22(1), 9.23(a) and 9.26(3) of the Listing Requirements of Bursa Securities ("LR").
In addition, Bursa Securities has decided to de-list CNLT pursuant to paragraphs 9.26 and 16.17 of the LR as :-
(i) the Company has failed to submit the annual report for the financial year ended 31 December 2007 ("AR 2007") within the timeframe stipulated by Bursa Securities in paragraph 9.23(a) of the LR; and
(ii) more than 6 months have lapsed from the expiry of the stipulated timeframe in paragraph 9.23(a) of the LR and the AR 2007 has still not been issued.
Public Reprimand on CNLT
Paragraph 9.23(a) of the LR states that a listed issuer must ensure that its annual report shall be issued to the listed issuer’s shareholders and given to Bursa Securities within a period not exceeding 6 months from the close of the financial year of the listed issuer.
Paragraph 9.22(1) of the LR states that a listed issuer must give Bursa Securities for public release, an interim financial report that is prepared on a quarterly basis, as soon as the figures have been approved by the board of directors of the listed issuer, and in any event not later than 2 months after the end of each quarter of a financial year.
Pursuant to paragraph 9.26(3) of the LR, if a listed issuer fails to issue its quarterly report, annual audited accounts or annual report ("the Outstanding Financial Statements") on or before the expiry of the relevant stipulated timeframes, it must:-
(a) make an immediate announcement to Bursa Securities on the date of expiry of the relevant stipulated timeframes on its failure to issue the Outstanding Financial Statements including the reasons for such failure; and
(b) announce the status of the issuance of the Outstanding Financial Statements on or before the last market day of each month following the date of expiry of the relevant stipulated timeframes until the issuance of the Outstanding Financial Statements.
CNLT has breached :-
(2) Paragraph 9.22(1) of the LR for failing to submit the quarterly report for the financial period ended 30 June 2008 ("QR 2/2008") and 30 September 2008 ("QR 3/2008") to Bursa Securities on or before 31 August 2008 and 30 November 2008 respectively; and
(3) Paragraph 9.26(3) of the LR for failing to :-
- (a) make an announcement on 30 June 2008, 31 August 2008 and 30 November 2008 of the Company’s failure and reasons for the failure to submit the AR 2007, QR 2/2008 and QR 3/2008 respectively; and
(b) make the monthly announcements on the status of the issuance of the AR 20007, QR 2/2008 and QR 3/2008.
Paragraph 9.26(6) of the LR states that if a listed issuer fails to issue the Outstanding Financial Statements within 6 months from the expiry of the relevant timeframes, in addition to any enforcement action that Bursa Securities may take, de-listing procedures shall be commenced against such listed issuer.
Bursa Securities had commenced de-listing procedures against CNLT on 2 January 2009 for failing to submit the AR 2007 by 31 December 2008.
After due consideration of all facts and circumstances of the matter including that CNLT has failed to submit the AR 2007, QR 1/2008 and QR 2/2008 as at to-date and a winding-up order has been made against CNLT on 19 January 2009, Bursa Securities has decided to de-list the securities of CNLT from the Official List of Bursa Securities.
Accordingly, the securities of CNLT will be removed from the Official List of Bursa Securities at 9.00 a.m. on Wednesday, 4 March 2009 unless an appeal is made to Bursa Securities within 5 market days from today ie. by 27 February 2009 ("Appeal Timeframe").
In the event CNLT submits an appeal to Bursa Securities within the Appeal Timeframe, the Company is required to make an immediate announcement of the said appeal and the removal of the Company’s securities from the Official List of Bursa Securities on 4 March 2009 shall be deferred pending the decision on the appeal by Bursa Securities. The deferment pending the appeal is a stay in respect of the de-listing and it is not to be equated to a variation or a revision of the decision to de-list. The decision remains unless reversed on appeal.
Effect of De-listing from the Official List of Bursa Securities
With respect to the securities of CNLT 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 CNLT who intend to hold their securities in the form of physical certificates can withdraw these securities from their Central Depository System (CDS) accounts with Bursa Depository, at anytime after the securities of the company are 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.
|Company Name||CNLT (FAR EAST) BERHAD|
|Date Announced||20 Feb 2009|