Kinsteel to be suspended from Jan 5

PETALING JAYA: Trading in the securities of Kinsteel Bhd, Practice Note 17 (PN 17) company, will be suspended with effect from Jan 5, 2018 as Bursa Securities has rejected its application for a further extension of time to submit its regularisation plan.
The company will be delisted on Jan 9, 2018 unless an appeal is submitted to Bursa Malaysia Securities Bhd on or before Jan 4, 2018.
“In the event Kinsteel submits an appeal to Bursa Securities within the appeal timeframe, the removal of the securities of the company from the official list of Bursa Securities on Jan 4, 2018 shall be deferred pending the decision on the company’s appeal,” it said in a stock exchange filing today.
The securities of Kinsteel, which are currently deposited with Bursa Malaysia Depository Sdn Bhd (Bursa Depository), may remain deposited notwithstanding the delisting of the securities. It is not mandatory for the securities of a company which has been delisted to be withdrawn from Bursa Depository.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 accounts maintained with Bursa Depository at any time after the securities of the company have been delisted.
This can be effected by the shareholders submitting an application form for withdrawal in accordance with the procedures prescribed by Bursa Depository.
Upon the delisting, the company will continue to exist but as an unlisted entity. The company is still able to continue its operations and business 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.
Kinsteel closed unchanged at 2.5 sen today with 510,000 shares done.