GN3 Companies
8.22
X Bhd is a GN3 Company. Pursuant to Rule 8.04(3)(a)(i) of the ACE LR, X Bhd submits a plan to regularise its condition to Bursa Securities for approval. While X Bhd is awaiting Bursa Securities' approval, it has ceased to trigger the Prescribed Criteria. Can X Bhd apply to Bursa Securities for it to be no longer considered a GN3 Company?
No, pursuant to Rule 8.04(8) of the ACE LR, X Bhd must complete the implementation of the plan to regularise its condition before it can apply to Bursa Securities for it to be no longer considered a GN3 Company. So, even though X Bhd has ceased to trigger the Prescribed Criteria, that would not entitle it to be no longer considered as a GN3 Company until it has completed its plan to regularise its condition.