ANNOUNCEMENT PURSUANT TO PRACTICE NOTE 17 ("FIRST ANNOUNCEMENT")
General Announcement
Reference No NK-100701-67303
Company Name
:
NGIU KEE CORPORATION (M) BERHAD
Stock Name
:
NGIUKEE
Date Announced
:
01/07/2010
Type
:
Announcement
Subject
:
NGIU KEE CORPORATION (M) BERHAD ("NKCB" or "the Company")
-Announcement Pursuant to Practice Note 17
(“First Announcement”)
Contents
:
1. INTRODUCTION
The Board of Directors of NKCB wishes to announce that subsequent to the announcement on 1 July 2010 and pursuant to the Paragraph 8.04 and Paragraph 2.1(f) of Practice Note 17 (“PN17”) of the Main Market Listing Requirements (“LR”) of Bursa Malaysia Securities Berhad (“Bursa Securities”), NKCB has triggered one of the prescribed criteria under paragraph 2.1(f) where a default in payment by a listed issuer, its major subsidiary or major associated company. As such, NKCB is now classified as a PN17 company.
2. OBLIGATIONS OF THE COMPANY AS A PN17 COMPANY PURSUANT TO PN17
NKCB is required to comply with the following obligations pursuant to Paragraph 3.1 and 4.1 of PN17:
(a) To regularise its conditions by undertaking a regularisation plan (“Regularisation Plan”) and the Company and its Principal Adviser must ensure that the Regularisation Plan is sufficiently comprehensive and capable of resolving all problems, financial or otherwise that has caused the Company to trigger PN17. Such Regularisation Plan must be fair and reasonable to the Company and its shareholders and will increase shareholder value
(b) To submit the Regularisation Plan within 12 months from the date of this First Announcement (“Submission Timeframe”) and to implement the Regularisation Plan within the timeframe stipulated by the Approving Authorities (“Implementation Timeframe”)
(c) To make the following announcements:
(i) within three (3) months from the First Announcement, on whether the Regularisation Plan will result in a significant change in the business direction or policy of the Company;
(ii) the status of NKCB’s Regularisation Plan and the number of months to the end of the Submission Timeframe on a monthly basis (Monthly Announcement”) until further notice from Bursa Securities.
(iii) its compliance or non-compliance with a particular obligation imposed pursuant to the PN17 on an immediate basis;
(iv) the details of the Regularisation Plan (“Requisite Announcement”), which shall include the timeline for the complete implementation of the Regularisation Plan. The Requisite Announcement must be made by the Company’s Principal Adviser.
3. CONSEQUENCE OF NON-COMPLIANCE WITH THE OBLIGATIONS
In the event the Company fails to comply with the obligations to regularise its conditions, Bursa Securities will suspend the trading of the Company’s listed securities immediately from the date of notification of suspension by Bursa Securities and de-listing procedures shall be taken against the Company, subject to the Company’s right to appeal against the de-listing.
4. STATUS OF PLAN TO REGULARISE CONDITION
The Board of Directors of NKCB is looking into formulating a regularization plan to regularize the financial condition of the Company. Upon completion, the requisite announcement detailing the regularization plan shall be announced to Bursa Securities in due course.
