GN3 Companies
8.21
A Bhd's Sponsorship Period ends in 2009. In 2010, A Bhd is classified as a GN3 Company. In accordance with Rule 8.04(3)(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 GN3 Company. Before A Bhd completes the implementation of its regularisation plan, 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 plan and for at least 1 full financial year after A Bhd is no longer considered as a GN3 Company. If X resigns or has its appointment terminated before A Bhd completes its regularisation plan, A Bhd is deemed to have failed its obligation to regularise under Rule 8.04(3)(a) of the ACE LR. In this case, Bursa Securities shall, in accordance with Rule 8.04(5) of the ACE LR –