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PUBLIC SHAREHOLDINGS SPREAD

Y&G CORPORATION BHD

Type Announcement
Subject PUBLIC SHAREHOLDINGS SPREAD
Description
Y&G CORPORATION BHD ("Y&G" OR "THE COMPANY")
Public shareholding spread requirement pursuant to paragraph 8.02(1) of the Main Market Listing Requirements ("MMLR") of Bursa Malaysia Securities Berhad ("Bursa Securities")

We refer to the Company's announcements dated 21 November 2019, 3 January 2020, 28 February 2020, 13 May 2020, 1 June 2020, 30 June 2020, 12 November 2020, 30 November 2020, 17 December 2020, 30 March 2021, 12 May 2021 and 31 May 2021 in relation to its non-compliance of the public shareholding spread requirement pursuant to paragraph 8.02(1) of the MMLR of Bursa Securities.

 

As announced by Y&G on 12 May 2021, Y&G had applied to Bursa Securities for a further extension of time of six (6) months from 15 May 2021 to 14 November 2021 (“EOT Application”) to comply with the public shareholding spread requirement (“PSS Requirement”).

 

The Board of Directors of Y&G wishes to announce that Bursa Securities has, vide its letter dated 17 June 2021, rejected the Company’s EOT Application to comply with the PSS Requirement.

 

The Company’s percentage of public shareholding spread as at 18 May 2021 was 22.83% (Number of Public Shareholders : 1,966) hence, having a shortfall of 2.17% or approximately 4.75 million shares from the PSS Requirement.

 

The steps taken or proposed to be taken by the Company to increase the public shareholding spread of the Company to comply with paragraph 8.02(1) of the MMLR and the status of their implementation are as follows:

 

a) The Company has been requesting the cooperation of its major shareholders to pare down their shareholdings to third parties, which discussions with identified potential investors are still on-going but have been affected by the prolonged COVID-19 pandemic and several phases of movement control order (“MCO”).

 

b) The major shareholders would, on their best effort, expedite the on-going discussion and negotiation with these potential investors soon after the upliftment of the current Full MCO (“FMCO”) with the view to finalising the terms of the proposed disposal of approximately 4.75 million Y&G Shares (“Proposed Disposal”) for execution as soon as practicable.

 

c) The Company will continue to advise its Directors and substantial shareholders to refrain from increasing their shareholdings until the Company has regularised its PSS Requirement.

 

The Company will do its utmost to complete the Proposed Disposal within an estimated two (2) months from the upliftment of the FMCO or when the Company is allowed to resume its business operation.

 

In view that a further extension of time was not granted by Bursa Securities to the Company to comply with the PSS Requirement pursuant to paragraph 8.02(1) of the MMLR, the Company is aware that Bursa Securities may impose appropriate penalty or take such action pursuant to paragraph 16.19 of the MMLR of Bursa Securities and may suspend trading in the Company’s securities pursuant to paragraph 16.02 of the MMLR of Bursa Securities.

 

This announcement is dated 18 June 2021.






Announcement Info

Company Name Y&G CORPORATION BHD
Stock Name Y&G
Date Announced 18 Jun 2021
Category General Announcement for PLC
Reference Number GA1-18062021-00039




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