Bursa Securities rejects CAP's regularisation plan extension time application

KUALA LUMPUR: Bursa Malaysia Securities Bhd (Bursa Securities) has rejected China Automobile Parts Holdings Ltd’s (CAP) application for an extension of time to submit its regularisation plan, leaving the latter with a possible delisting from the official list of Bursa Securities.

In a filing to Bursa Malaysia, CAP said trading of its securities would be suspended from Nov 18 and be delisted on Nov 22 unless an appeal against the action is submitted to Bursa Securities on or before Nov 17.

It said any appeal submitted after the appeal timeframe would not be considered by Bursa Securities.

In a separate filing, CAP, which was classified as a Practice Note 17, said it had failed to regularise its condition in accordance with paragraph 8.04 (3) (a) of the Main Market Listing Requirements.

"CAP will submit an appeal to Bursa Securities on their decision to delist the securities of the company within the appeal timeframe,” it said.

Upon the delisting, CAP would continue to exist but as an unlisted entity.

It said the company is still able to continue its operations and business and proceed with its corporate restructuring and its shareholders could still be rewarded by the company’s performance.

However, it said the shareholders would be holding shares that are no longer quoted and traded on Bursa Securities. - Bernama