Kinsteel Bhd will be delisted from Bursa Malaysia Securities Bhd (Bursa Securities) following its failure in its appeal to Bursa Securities against the proposed restructuring scheme.
According to Kinsteel, in the circumstances and based on the Bursa Securities letter dated June 9 last year, the company's securities will be removed from Bursa Securities after the expiration of two market days on March 16.
In respect of the company's securities currently deposited with Bursa Malaysia Depository Sdn Bhd (Bursa Depository), the securities in question may remain deposited with Bursa Depository even if the securities are delisted from the Official List of Bursa Securities.
"It is not mandatory for the securities of a company that has been delisted to exit Bursa Depository," Kinsteel said in a filing to Bursa Malaysia as reported by Bernama.
Kinsteel added, shareholders intend to keep their securities in the form of physical certificates from their Central Depository Services (CDS) accounts and remain with the Depository Exchange at any time after the company’s securities have been delisted.
“This can be done by shareholders who submit withdrawal application forms in accordance with the procedures set by Bursa Depository.
"All shareholders can contact Bursa Securities at 03-2034 7000 for more information on withdrawal procedures," said Kinsteel.
After delisting, Kinsteel will continue to exist but as an unlisted entity.
“The company is still able to continue its operations and business as well as continue its corporate restructuring measures and its shareholders continue to benefit from the company's performance.
"However, shareholders will hold shares that are no longer quoted and traded on Bursa Securities," Kinsteel explained.
