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.
(d)
If X intends to resign as A Bhd’s Sponsor but A Bhd refuses to accept X’s resignation, what can X do to end the sponsorship?
Notwithstanding A Bhd’s objection, X may apply to Bursa Securities to resign as A Bhd’s Sponsor. X must provide the detailed reasons for its application. Based on Rule 4.19(3) of the ACE LR, Bursa Securities will not grant its approval unless there are exceptional circumstances which warrant the consideration of Bursa Securities.