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KUALA LUMPUR: M&A Securities Sdn Bhd has resigned as Maxwell International Holdings Bhd’s principal adviser in relation to its regularisation plan.
According to Maxwell, M & A Securities stated that its resignation was due to it being unable to continue with its role as the principal adviser as it had yet to receive any draft definitive agreement for the proposed regularisation plan or the resolutions to the issues highlighted on Global Mining and Agricultural Ventures Corp.
Maxwell told Bursa Malaysia it was currently looking for another principal adviser and would make the necessary announcement in due course.
The Practice Note 17 company, which ceased its sports shoe production operations in the second quarter of last year, had been given an extension of up to Jan 31, 2018, to submit its regularisation plan to the relevant regulatory authorities, subject to the company making the requisite announcement by Nov 30 (Thursday).
Global Mining was to be the strategic partner for Maxwell’s regularisation plan. Maxwell signed a memorandum of understanding (MoU) with Global Mining in August with a view of extracting nickel ores and other ancillary products on 1,580ha in Sibuyan Island, the Philippines.
However, in a separate filing with Bursa Malaysia on Wednesday, Maxwell said it had terminated the MoU with Global Mining with immediate effect. This was because the latter did not disclose fully information and issues relating to Sibuyan Nickel Properties Development Corp.
Global Mining has a mineral mining operation agreement with Sibuyan Nickel which holds the rights for mining and extracting nickel ores on the land in Sibuyan Island.
Interestingly, in another filing with the exchange on Wednesday, Maxwell announced it had entered into another MoU that would also involve extracting and producing nickel ores.
The MoU was with Century Peak Corp, a unit of Philippines-listed Century Peak Metals Holdings Corp, to collaborate in the joint development of the Dinagat Island mining region.
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