OTHERS MAXWELL INTERNATIONAL HOLDINGS BERHAD ("MAXWELL" OR "THE COMPANY") Status of the Issuance of the Annual Report in respect of the financial year ended 31 December 2017 pursuant to Paragraph 9.28(4)(b) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad ("Bursa Securities")
| MAXWELL INTERNATIONAL HOLDINGS BERHAD |
| Type | Announcement | ||||
| Subject | OTHERS | ||||
| Description | MAXWELL INTERNATIONAL HOLDINGS BERHAD ("MAXWELL" OR "THE COMPANY")
Status of the Issuance of the Annual Report in respect of the financial year ended 31 December 2017 pursuant to Paragraph 9.28(4)(b) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad ("Bursa Securities")
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Reference is made to the announcements dated 26 April 2018, 31 May 2018, 29 June 2018, 31 July 2018 and 30 August 2018.
The Board of Directors’ of Maxwell International Holdings Berhad (“MAXWELL” or “the Company”) hereby announces that the Company is still unable to issue or submit to Bursa Malaysia Securities Berhad (“Bursa Securities”) and shareholders its Annual Report that includes the annual audited financial statements together with the auditors’ and directors’ reports in respect of the financial year ended 31 December 2017 (“Outstanding Financial Statements/Annual Report 2017”) as the Company is still experiencing cash flow problems for the completion and finalisation of the audit of the Group for the financial year ended 31 December 2017.
In order to expedite the completion and finalisation of the audit of the Group, the Management has taken the following steps/actions:-
In view of the above, MAXWELL is expecting to issue and submit its Annual Report 2017 within 3 months after the completion of the annual audited financial statements of the Group for the financial year ended 31 December 2017.
Pursuant to Paragraph 9.28(5) of the Main Market Listing Requirements of Bursa Securities, if MAXWELL fails to issue its Annual Report 2017 within 5 market days from the expiry of the timeframe, i.e. 30 April 2018 (the last day of this 5 market days shall hereinafter be referred to as "the Suspension Deadline"), in addition to any enforcement action that Bursa Securities may take, Bursa Securities shall suspend trading in the securities of MAXWELL.
The suspension shall be effected on the market day following the expiry of the Suspension Deadline and shall be uplifted on the market day following the announcement/issuance of the Annual Report 2017 unless otherwise determined by Bursa Securities. The Company's securities have been suspended from trading since 10 May 2018.
Pursuant to Paragraph 9.28(6) of the MMLR, if MAXWELL fails to issue the Annual Report 2017 within 6 months from the expiry of the timeframe, i.e. 30 April 2018, in addition to any enforcement action that Bursa Securities may take, de-listing procedures shall be commenced against MAXWELL.
This announcement is dated 28 September 2018.
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Announcement Info
| Company Name | MAXWELL INTERNATIONAL HOLDINGS BERHAD |
| Stock Name | MAXWELL |
| Date Announced | 28 Sep 2018 |
| Category | General Announcement for PLC |
| Reference Number | GA1-30082018-00134 |
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