KUALA LUMPUR, March 11 — Kinsteel Bhd’s securities will be de-listed from the Official List of Bursa Malaysia Securities Bhd (Bursa Securities) following the dismissal of its appeal against the latter’s rejection of the proposed regularisation scheme.
Kinsteel said in the circumstances and pursuant to Bursa Securities’ letter dated June 9, 2020, its securities will be removed from the official list upon the expiry of two market days henceforth, on Tuesday, March 16, 2021.
“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 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“It is not mandatory for the securities of a company which has been de-listed to be withdrawn from Bursa Depository,” it said in a filing with Bursa Malaysia.
Kinsteel said shareholders who intend to hold their securities in the form of physical certificates could withdraw the 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.
“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,” it said.
Upon its de-listing, Kinsteel 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,” it said. — Bernama
