乐鱼体育官网

30 August 2021

Bursa 乐鱼体育官网 Securities Berhad v Mohd Afrizan bin Husain (Appeal No. W-02(A)-696-06-2020)

The 乐鱼体育官网 Court of Appeal in Bursa 乐鱼体育官网 Securities Berhad v Mohd Afrizan bin Husain has ruled that once a winding-up order has been made against a public listed company, Bursa 乐鱼体育官网 Securities Berhad (“Bursa 乐鱼体育官网”) must de-list that company from the stock exchange.

Rule 16.11(2)(d) of the ACE Market Listing Requirements provides that Bursa 乐鱼体育官网 must de-list a listed corporation upon a winding-up order being made against that listed corporation. Applying a literal and strict interpretation of Rule 16.11(2)(d), the appellate court held that it was clear that de-listing is mandatory once a winding-up order has been made, and that Bursa 乐鱼体育官网 did not have the discretion to maintain the company’s listing status in this instance, despite there being an ongoing challenge against the winding-up order.