Bursa Malaysia Securities Berhad (Bursa Malaysia) had dismissed CAP's further appeal for an extension of time until 30 June 2023 to submit its regularisation plan to the relevant authorities for approval. 

In the circumstances and pursuant to Bursa Securities’ letter dated 3 February 2023, the securities of CAP will be removed from the Official List of Bursa Securities on 9 February 2023.

In arriving at the aforesaid decision, Bursa Securities had considered, amongst others, the following:-

(1)  CAP has not demonstrated, to the satisfaction of Bursa Securities, material development towards the finalisation and submission of the Company's proposed regularisation plan to the relevant authorities since the last extension of time granted particularly in view of the following:-

(a) The memorandum of understanding dated 28 January 2022 with Tan Sri Datuk Seri Panglima Joseph Lo @ Lo Tain Foh ("TSDP Joseph Lo") and Datuk Jonathan Lo Chaw Loong which formed part of CAP's regularisation plan has been terminated as announced by the Company on 25 October 2022.

(b) Notwithstanding that:-

(i)  the Board had on 30 January 2023 written to TSDP Joseph Lo to request to reconsider participating in the proposed regularisation plan of the Company; and

(ii) the Company have been engaged in active discussions with several potential white knights including Sri Binaraya Sdn Bhd and Nirwana group of companies, there was lack of certainty/clarity vis-a-vis formulation of a regularisation plan as it was still at a preliminary stage and the potential white knights are reluctant to issue any letters of expression of interest to participate in the proposed regularisation plan of CAP unless the Securities Commission has given its clearance to allow the Company to undertake a regularisation plan which would result in a significant change in the business direction of the Company.

(c)  The Company's proposed regularisation plan is still preliminary and lacked clarity/certainty to address the business of the Company and resolve all problems, financial or otherwise that had caused CAP to trigger the prescribed criteria under Practice Note 17 ("PN17").

(2) The Company has yet to appoint a new Principal Adviser since the termination of Mercury Securities Sdn Bhd on 26 October 2022.

(3) Since the First Announcement on 11 January 2018, CAP has had approximately 5 years to regularise the Company's financial condition in accordance with paragraph 8.04 of the Main LR and PN17.

(4) The financial information of CAP as set out in the Appendix I of Sierac's letter dated 30 September 2022, the audited financial statements for the financial year ended 30 June 2022 and the unaudited quarterly report for the financial period ended 30 September 2022. 

(5) All PN17 companies are required to regularise their financial condition expeditiously within the timeframes prescribed in paragraph 8.04 of the Main LR and PN17 or extended timeframe as may be granted by Bursa Securities.

(6) The requirement for companies to have an adequate level of financial condition served to ensure that companies listed on the Official List are of a certain minimum quality as well as to preserve and sustain market integrity and investors' confidence.

(7) In the opinion of Bursa Securities, adequate time and opportunity had been accorded to CAP to regularise the Company's financial condition.

With respect to the securities of the Company which are currently deposited with Bursa Malaysia Depository Sdn. Bhd. ("Bursa Depository"), the securities 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 which 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 certificates can withdraw these securities from their Central Depository System (CDS) accounts maintained with Bursa Depository at any time after the securities of the Company have been de-listed from the Official List of Bursa Securities. This can be effected by the shareholders submitting an application form for withdrawal in accordance with the procedures prescribed by Bursa Depository. These shareholders can contact any Participating Organisation of Bursa Securities and/or Bursa Securities' General Line at 03-2034 7000 for further information on the withdrawal procedures.

Upon the de-listing of the Company, the Company will continue to exist but as an unlisted entity. The Company is still able to continue its operations and businesses 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.

This announcement is dated 3 February 2023.