MPCORP

0.035

(%)

PRACTICE NOTE 17 / GUIDANCE NOTE 3 : SUSPENSION AND/OR DELISTING

MALAYSIA PACIFIC CORPORATION BERHAD

Type Announcement
Subject PRACTICE NOTE 17 / GUIDANCE NOTE 3
SUSPENSION AND/OR DELISTING
Description
MALAYSIA PACIFIC CORPORATION BERHAD ("MPCB" OR "COMPANY")

APPEAL AGAINST THE DE-LISTING OF MPCB

Reference is made to the Company's announcement made on 18 August 2022 in relation to the further appeal submitted to Bursa Malaysia Securities Berhad (“Bursa Securities”). Unless otherwise stated, the words and abbreviations used herein shall have the same meaning as those defined in the Announcement (defined herein).

 

The Company wishes to announce that Bursa Securities, vide its letter dated 29 September 2022 (“Bursa’s Letter”), informed that after due consideration of all facts and circumstances of the matter, Bursa Securities had decided to:

 

(a) dismiss the Company’s further appeal for an extension of time of six (6) months until 31 December 2022 to submit a new regularisation plan to the relevant authorities for approval; and

(b) 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 of Bursa Securities (“Main LR”).

 

In the circumstances, please be informed that the securities of MPCORP will be removed from the Official List of Bursa Securities upon the expiry of two (2) market days from the date hereof, i.e. 4 October 2022.

 

In arriving at the aforesaid decision, Bursa Securities had considered, amongst others, the following factors: -

 

1. MPCORP has not demonstrated, to the satisfaction of Bursa Securities, material development towards the finalisation and submission of the Company’s proposed regularisation plan to the relevant authorities since the last extension of time granted particularly in view of the following:

 

(a) The Company has yet to finalise and execute the revised Supplmentary Settlement Agreement (“Revised SSA”) with AmanahRaya Development Sdn Bhd (“AmanahRaya”) since the Company submitted the proposal to AmanahRaya on 9 December 2021, towards resolving the disclaimer of opinion by the Company’s external auditors in order for the Company to be uplifted from its status as an affected listed issuer. In this respect, Malacca Securities had vide letter dated 13 September 2022 represented that it was uncertain for them to determine how long it would take for both parties to come to an agreement on the revised terms before the Revised SSA could be executed.

 

(b) Notwithstanding the following:-

 

 (i) Malacca Securities has been appointed as the Principal Adviser on 17 August 2022; and

 

(ii) the Company’s efforts to regularise its financial condition including the Memorandum of Understanding entered into Windsor Aims Machinery Sdn Bhd (“Windsor Aims”) on 17 August 2022, the letters of award dated 17 August 2022 from Windsor Aims, the letter from Premier Plus Greentech Road Sdn Bhd dated 13 September 2022 expressing its interest to participate in the Company’s proposed regularisation plan and the on-going negotiation with Top Lander Offshore Inc to settle the debts due of RM45.34 million,

 

the Company’s proposed regularisation plan is still preliminary and lacked clarity/certainty to address the business of the Company and resolve all problem, financial or otherwise that had caused MPCORP to trigger the prescribed criteria under Practice Note (“PN17”).

 

(2) Since the First Announcement on 28 November 2014, MPCORP has had approximately 7 years and 10 months to regularise the Company’s financial condition in accordance with paragraph 8.04 of the Main LR and PN17.

 

(3) The financial information of MPCORP as set out in Appendix I of Sierac’s letter dated 1 July 2022 particularly the latest audited financial statements for the financial year ended 30 June 2021 and the unaudited quarterly report for the financial period ended 31 March 2022.

 

(4) All PN17 companies are required to regularise their financial condition 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.

 

(5) The requirement for companies to have an adequate level of financial condition served to ensure that companies listed on the Official List are of a certain minimum quality as well as to preserve and sustain market integrity and investors’ confidence.

 

(6) In the opinion of Bursa Securities, adequate time and opportunity had been accorded to MPCORP to regularise the Company’s financial condition.

 

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 Depositary 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 form 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 businesses 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.

 

This announcement is dated 29 September 2022.

 

 






Announcement Info

Company Name MALAYSIA PACIFIC CORPORATION BERHAD
Stock Name MPCORP
Date Announced 29 Sep 2022
Category General Announcement for PLC
Reference Number GA1-29092022-00079