The Board of Directors of APFT (“Board”) wishes to announce that the Company has on 9 January 2020 entered into a memorandum of understanding (“MOU”) with QEOS LED Sdn Bhd (Registration No.: 201001013456 (897687-A)) (“QEOS LED”) or the “Vendor”), the shareholder of QEOS Energy Sdn Bhd (“QEOS Energy”) to negotiate in good faith with a view of entering into a definitive sale and purchase agreement (“SPA”) for the acquisition by APFT of the entire equity interest of QEOS Energy (“Proposed Acquisition”) and the other key proposals to be implemented under the Proposed Regularisation Plan (as defined herein). The proposed regularisation plan would involve, inter-alia, the Proposed Acquisition and other key proposals including a fund raising exercise (“Proposed Regularisation Plan”).
On behalf of the Board of Directors of APFT (“Board”), Sierac Corporate Advisers Sdn Bhd wishes to announce that the Company has received a suspension and de-listing notice dated 4 March 2020 from Bursa Securities wherein Bursa Securities vide its decision letter dated on 4 March 2020 has rejected the 3rd Extension of Time Application.
In the circumstances and pursuant to Paragraph 8.04(5) of the Listing Requirements:
a) the trading in the securities of APFT will be suspended with effect from 12 March 2020; and
b) the securities of the Company will be de-listed on 16 March 2020 unless an appeal against the de-listing is submitted to Bursa Securities on or before 11 March 2020 (“Appeal Timeframe”). Any appeal submitted after the Appeal Timeframe will not be considered by Bursa Securities.
In the event the Company submits an appeal to Bursa Securities within the Appeal Timeframe, the removal of the securities of the Company from the Official List of Bursa Securities on 16 March 2020 shall be deferred pending the decision on the Company’s appeal.
The Board of Directors of APFT wishes to announce that the Company has, on 10 March 2020, entered into a memorandum of understanding with HELP International Corporation Berhad (“HIC”) to negotiate in good faith with a view of entering into a definitive sale and purchase agreement for the acquisition by APFT of certain educational assets/business of HIC (“Proposed Acquisition”) and other key proposals to be implemented under the Proposed Regularisation Plan (as defined herein). The proposed regularisation plan would involve, inter-alia, the Proposed Acquisition and other key proposals including a fund raising exercise (“Proposed Regularisation Plan”).
Please refer to the attachment for further details.
Bursa to temporarily suspend PN17 and GN3 classifications TheEdge Fri, Apr 17, 2020 07:58am - 1 hour ago
KUALA LUMPUR: In view of the current trying time, the Securities Commission Malaysia (SC) chairman Datuk Syed Zaid Albar announced that Bursa Malaysia will temporarily suspend Practice Note 17 (PN17) or Guidance Note 3 (GN3) classification on companies which financial positions slip into the status.
“We have already allowed PN17 and GN3 companies up to 24 months to regularise their financials.
“So, moving forward, in addition to this, after a discussion with Bursa, Bursa will provide companies listed on the Main Market, temporary relief from the PN17 classification in relation to certain criteria,” said Syed Zaid. The temporary relief also applied to GN3 for ACE Market-listed companies.
Currently, there are 25 Main Market-listed PN17 companies and three GN3 companies on ACE Market which need to regularise their financial positions.
The 28 companies now have more time to work out their regularisation plan considering they contend with challenges due to the Covid-19 pandemic, said Syed Zaid.
“These measures will allow companies more time to regularise their financial positions. The period for this relaxation will be effective from April 17 this year until June 30, 2021,” he said during a virtual media briefing in conjunction with the release of the SC’s 2019 annual report yesterday.
Noting that extraordinary times call for extraordinary responses, Syed Zaid said “this is not business as usual” given the unprecedented Covid-19 pandemic. He noted that the SC is deploying a wide range of regulatory tools to support the market and its participants.
“While the SC is doing what it can to support the businesses, we remain steadfast in ensuring investor interest is protected during this challenging time. We continue to raise investor awareness on scams, as scammers tend to target people during times of uncertainty.
“The SC will take a targeted approach to protect vulnerable investors and minority shareholders. I would also like to remind our intermediaries to remain vigilant and for PLCs (public limited companies) to remember their obligations to shareholders and to make timely disclosures,” he said.
The regulator also assured investors that the Malaysian capital market remains fundamentally strong and is functioning in an orderly manner, supported by deep domestic liquidity and complemented by the government’s stimulus packages.
As the financial system adjusts to the impact of Covid-19, Syed Zaid said the SC will continue to monitor the evolving situation in global and domestic markets, calibrate its responses and update the public accordingly.
The Company had, on 11 March 2020, submitted an appeal (“Appeal”) to Bursa Securities against the commencement of de-listing procedures on the securities of the Company as well as to re-consider the rejection and to approve the 3rd Extension of Time Application for the Company to submit the Proposed Regularisation Plan to the regulatory authorities.
Given that the Appeal was submitted within the “Appeal Timeframe” (i.e. on or before 11 March 2020), the removal of the securities of the Company from the Official List of Bursa Securities shall be deferred pending the decision by Bursa Securities on the Appeal.
An announcement in relation to the outcome of the Appeal will be released in due course.
Nonetheless, the Board of Directors of APFT wishes to inform that the Company is in the midst of formulating the Proposed Regularisation Plan.
Save as disclosed above, there are no other material developments on the Proposed Regularisation Plan.
Further to the memorandum of understanding entered into between APFT and HIC on 10 March 2020, the Board of Directors of the Company wishes to inform that TA Securities Holdings Berhad (“TA Securities”) has been appointed as the Principal Adviser and is looking into devising a proposed regularisation plan.
On behalf of the Board of Directors of the Company, TA Securities Holdings Berhad (“TA Securities”) wishes to inform that Bursa Securities has vide its letter dated 9 June 2020 notified the Company that after due consideration of all facts and circumstances of the matter, in particular, the Company entered into a memorandum of understanding with HELP International Corporation Berhad (“HELP”) on 10 March 2020, appointed TA Securities as the Principal Adviser for its proposed regularisation plan on 29 May 2020 and TA Securities’ representation based on their preliminary evaluation, decided to grant the Company an extension of time of six (6) months up to 9 December 2020 to submit the regularisation plan to the relevant authorities for approval.
Yes Every company on the Stock Market wants to get on the Covid 19 Bandwagon.....The only time their Directors know about medical industry is when the see their doctor for some complaint or other....
This is the time for SC to do some house cleaning !! Cull all the companies that entered the market without proper business...or even plans for businesses.
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Brutus121
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Posted by Brutus121 > 2019-08-30 10:38 | Report Abuse
tklim: Need to get to target 0 first before Target 1. Target 0....0.00