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January 29, 2008 |
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CNLT (FAR EAST): Bourse Grants June 10 Deadline to Submit Plan The Bursa Securities Berhadm, through a letter dated Jan. 25, 2008, granted CNLT (Far East) Berhad an extension of its deadline to submit its regularization plans to the Securities Commission and other relevant authorities for approval from February 11, 2008, until June 10, 2008. The Bursa Securities further decided that: -- in the event the company submits its regularization plans to the Approving Authorities for approval within the Extended Timeframe, Bursa Securities will await the outcome of the company's submission; and -- the company must proceed to implement its regularization plans expeditiously within the timeframes or extended timeframes stipulated by the Approving Authorities in the event it obtains all approving Authorities' approval necessary for the implementation of its regularization plans. Update on application for an Extension of Time to comply with Paragraph 4.1 of Practice Note No. 17/2005 ("PN17") of the Listing Requirements of Bursa Malaysia Securities Berhad About CNLT Based in Malaysia, CNLT (Far East) Bhd was admitted into the Amended PN17 listing criteria of the Bursa Malaysia Securities Bhd as it has triggered Paragraph 2.1(e) of the bourse's listing requirements: (i) Based on the unaudited quarterly results of CNLT for the first quarter ended March 31, 2007, as announced to Bursa Securities, the shareholders' equity on a consolidated basis is less than 50% of the issued and paid up capital of the company ; and (ii) The auditors of CNLT have expressed a modified opinion with emphasis on the Company's going concern in its latest audited accounts for the financial year ended December 31, 2005. |
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