Regulators Commence De-Listing China Automobile Parts From Main Market

Bursa Malaysia Securities had commenced de-listing procedures against China Automobile Parts Holdings Limited (CAP) of the Main Market Listing Requirements for the failure to issue the annual reports that included annual audited financial statements together with the auditors’ and directors’ reports for the financial year from 2017 until 2020.

Upon completion of the process and taking into consideration all facts and circumstances of the matter, the Exchange had decided to de-list China Automobile. Bursa had argued that the company had failed to demonstrate expeditious steps taken towards finalisation of the Outstanding Financial Statements.

However, China Automobile has been given a timeframe to submit an appeal the delisting could be deferred, pending the decision on the appeal.

With regards to the effects of de-listing, the company’s securities which are currently deposited with Bursa Malaysia Depository may remain deposited with the 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 It is not mandatory for the securities of a company that has been de-listed to be withdrawn.

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 (CDS) accounts maintained with Bursa Depository at any time after the securities of the company have been de-listed from the Official List of Bursa Securities. This can be done by shareholders submitting an application form for withdrawal in accordance with the procedures prescribed by Bursa Depository.

Upon the de-listing of the Company, the Company will continue to exist but as an unlisted entity. The Company is still able to continue its operations and business and its shareholders can still be rewarded by the Company’s performance. However, the shareholders will be holding shares that are no longer quoted and traded on Bursa Securities.

In a separate filing, China Automobile says it will appeal the order. China Automobile Parts Holdings Limited is engaged in the manufacturing of chassis components used in automobiles for transporting goods. The company offers products such as wheel-hub bolts, wheel axles, steel pins, u-bolts, and torque-rod bushings, and others. It was incorporated in 2012 and is based here.

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