Resignation and termination of a Sponsor
4.11
X is the Sponsor who makes an application for listing on behalf of A Bhd. A Bhd is listed on the ACE Market on 1 September 2009. Based on Rule 3.21 of the ACE LR, A Bhd must secure and maintain the services of a Sponsor for at least 3 full financial years after its admission to the Official List, and extended to at least 1 full financial year after the applicant has generated operating revenue. A Bhd financial period ends on 31 December 2010.
(c)
On 1 June 2011, X decides to resign as a Sponsor in A Bhd. A Bhd agrees to X’s resignation and has found Y as its new Sponsor, who is willing to take over as A Bhd’s Sponsor immediately. Must X seek Bursa Securities’ approval for its resignation?