KUALA LUMPUR (Feb 3): MAXBIZ CORPORATION BHD [], which faces suspension on Feb 14 and de-listing on Feb 16, says it will file an appeal to Bursa Malaysia Securities.
“The board intends to submit an application to Bursa Securities to appeal against Bursa Securities’ decision to remove the securities of the company from the Official List of Bursa Securities,” it said in a statement on Friday.
On Feb 2, Bursa Securities informed that Maxbiz had failed to submit a regularisation plan to the Securities Commission or Bursa Securities for approval within 12 months from the company’s first announcement under the Main Market Listing Requirements of Bursa Securities, which was on or before Jan 17.
Maxbiz's application for an extension of time to submit the regularisation plan was rejected.
Bursa Securities then cautioned the company that trading in its securities would be suspended from Feb 14 and de-listed on Feb 16 “unless an appeal is submitted to Bursa Securities on or before Feb 13”.
The regulator had also stated that any appeal submitted after the appeal timeframe would not be considered by Bursa Securities. However, if the company submitted an appeal to Bursa Securities within the appeal timeframe, the removal of the securities of the company on Feb 16 would be deferred pending the decision on the company’s appeal.
“The board intends to submit an application to Bursa Securities to appeal against Bursa Securities’ decision to remove the securities of the company from the Official List of Bursa Securities,” it said in a statement on Friday.
On Feb 2, Bursa Securities informed that Maxbiz had failed to submit a regularisation plan to the Securities Commission or Bursa Securities for approval within 12 months from the company’s first announcement under the Main Market Listing Requirements of Bursa Securities, which was on or before Jan 17.
Maxbiz's application for an extension of time to submit the regularisation plan was rejected.
Bursa Securities then cautioned the company that trading in its securities would be suspended from Feb 14 and de-listed on Feb 16 “unless an appeal is submitted to Bursa Securities on or before Feb 13”.
The regulator had also stated that any appeal submitted after the appeal timeframe would not be considered by Bursa Securities. However, if the company submitted an appeal to Bursa Securities within the appeal timeframe, the removal of the securities of the company on Feb 16 would be deferred pending the decision on the company’s appeal.
