|Bursa Securities dismisses appeal by Maxbiz, to be delisted on Monday|
|Business & Markets 2012|
|Wednesday, 21 March 2012 19:31|
KUALA LUMPUR (March 21): Bursa Malaysia Securities Bhd has dismissed the appeal of Maxbiz Corporation Bhd and will delist the securities on Monday, March 26.
The stock exchange said on Wednesday that it considered all the facts and matters and decided to dismiss Maxbiz’s appeal.
“Accordingly, the securities of Maxbiz will be removed from the Official List of Bursa Securities on Monday, March 26, 2012,” it said.
Bursa Securities said the securities of Maxbiz currently deposited with Bursa Malaysia Depository Sdn Bhd, 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“It is not mandatory for the securities of a company which has been de-listed to be withdrawn from Bursa Depository,” it said.
It also said shareholders 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 any time after the securities of the company is de-listed.
Bursa Securities said upon the de-listing of Maxbiz, it wouldl continue to exist but as an unlisted entity.
“Maxbiz is still able to continue the company’s operations and business and proceed with the company’s corporate restructuring and the 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,” it said.