FVDB accepts de-listing decision

KUALA LUMPUR: Fountain View Development Bhd (FVDB) will not appeal against the decision by Bursa Malaysia Securities Bhd to de-list the company from the main board, and would be remove from Bursa's official list on September 22, 2010.

The company said on Friday, Sept 17 that the securities of the company 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It is not mandatory for the securities of a company that has been de-listed to be withdrawn from Bursa Depository.

“Alternatively, shareholders of the company who intend to hold their securities in the form of physical certificate, can withdraw these securities from their Central Depository System (CDS) accounts maintained with Bursa Depository at anytime after the securities of the Company have been de-listed from the Official List of Bursa Securities,” it said.

FVDB was earlier notified by letter on Sept 8, 2010 that the company has failed to submit a regularisation plan to the Securities Commission or Bursa Securities for approval within 12 months from the company's First Announcement on 3 September 2009, violating its listing requirement.

The company’s application for an extension of time to submit the regularisation plan was also rejected.

The company said that it would still continue to exist as an unlisted company after the de-listing on Bursa and would still continue its operations and business 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 added.