Cash Companies
8.12
A Bhd's Sponsorship Period ends in 2009. In 2010, A Bhd is classified as a Cash Company. In accordance with Rule 8.03(5)(a)(ii) of the ACE LR, A Bhd appoints X as its Sponsor within 3 months from the date it announces that it is a Cash Company. Before A Bhd completes the implementation of its regularisation proposal, can it replace X with any other person as its Sponsor?
No, A Bhd must retain X as its Sponsor until it completes the implementation of its regularisation proposal and for at least 1 full financial year after A Bhd is no longer considered as a Cash Company. If X resigns or has its appointment terminated before A Bhd completes its regularisation proposal, A Bhd is deemed to have failed its obligation to regularise under Rule 8.03(5)(a) of the ACE LR. In this case, Bursa Securities may suspend the trading of A Bhd's listed securities and de-list A Bhd.