Resignation and termination of a Sponsor
4.12
A Sponsor’s resignation or termination is approved by Bursa Securities in the second year of sponsorship under some exceptional circumstances, even though no replacement Sponsor has been found. What action will Bursa Securities take if after the expiry of the 3 months from the date of Bursa Securities’ approval, a Sponsored Corporation has yet to find a replacement sponsor?
Pursuant to Rule 4.19(5) of the ACE LR, if a Sponsored Corporation fails to find a replacement Sponsor after the expiry of the 3 months from the date of Bursa Securities’ approval, Bursa Securities shall suspend trading in the Sponsored Corporation’s listed securities. If the Sponsored Corporation still fails to find a replacement sponsor at the end of 2 months after the expiry of the 3 months period, Bursa Securities shall automatically de-list the Sponsored Corporation.