Friday 29 Mar 2024
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KUALA LUMPUR (Nov 30): Automotive parts supplier China Automobile Parts Holdings Ltd (CAP) announced today that its agent in Malaysia, Boardroom.com Sdn Bhd, has quit the company.

A resignation letter from Boardroom.com was received yesterday, CAP said in a stock exchange filing. 

"Boardroom.com in its letter stated that it shall proceed with the lodgment of the Notice [of Change of Particulars of Foreign Company's Agent] to CCM on Monday, Dec 3, 2018, and accordingly, they shall cease to be the company’s agent after the expiration of twenty-one (21) days from the date of the lodgement, i.e. on Dec 24, 2018, should the company not appoint [a] new agent as their replacement," CAP said. 

In accordance to Section 563(4)(a) of the Companies Act 2016, Boardroom.com shall cease to be CAP's agent 21 days after notifying the Companies Commission of Malaysia (CCM) via the notice lodgment, or on the date of lodgment of the memorandum of appointment of another agent by CAP — whichever is earlier.  

The Act stipulates that a foreign company shall at all times have an agent in Malaysia, who shall be answerable to all acts, matters and things that are required to be done by the foreign company under the act, and be personally liable to all penalties imposed on the foreign company for the contravention of tihs act — unless the agent satisfies the court hearing of the matter that the agent should not be liable.

"Pursuant to Section 563(5) of the Act, where an agent ceases to be an agent and the company continues to carry on its business or has a place of business in Malaysia, the company shall, within twenty-one (21) days from the date of Boardroom.com ceas[ing] to be the agent of the Company, appoint a new agent," CAP's filing further read.

Trading in CAP shares has been suspended since June 8, 2017, after failing to submit its quarterly financial reports within the stipulated timeframe. The company has also been unable to issue its outstanding annual report 2017 and the AR 2018 by Oct 31 this year. The stock was last traded at 1 sen, which gave it a market value of RM13.62 million.

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