Shareholding spread
8.5
On 19 August 2009, pursuant to a take-over offer, Company X holds 91% of the listed shares (excluding treasury shares) of Z Bhd, a listed corporation. If Company X's intention is to maintain Z Bhd's listing status, what must Z Bhd do?
Pursuant to Rule 9.19(48) of the ACE LR, Z Bhd must announce that 90% or more of its shares are being held by Company X. Z Bhd must include the information set out in Part J of Appendix 9A in the announcement.
After that, Z Bhd may withdraw its listing from the Official List of Bursa Securities under Rule 16.07 of the ACE LR. In requesting to withdraw its listing, Z Bhd need not comply with the requirements under Rule 16.06 of the ACE LR including the requirement to obtain shareholder approval.