KUALA LUMPUR (Aug 9): Maxwell International Holdings, which marks its eighth year of listing, will be de-listed in two weeks' time on Aug 22.

The China-based sport shoes maker has failed to comply with its obligation to regularise its financial health within the stipulated time frame.

Notably, Bursa Malaysia has rejected Maxwell’s application for an extension of time to submit its regularisation plan, according to separate filings with Bursa Malaysia today.

Maxwell added that the company’s securities will be de-listed on Aug 22, unless an appeal against the de-listing is submitted to Bursa Securities on or before Aug 19, noting that any appeal submitted after the deadline will not be considered by Bursa Securities.

“In the event the company submits an appeal to Bursa Securities within the Appeal Timeframe, the removal of the securities of the Company from the Official List of Bursa Securities on Aug 22, 2019 shall be deferred pending the decision on the Company’s appeal,” said Maxwell.

This is the third company from China to be removed from the stock exchange after XingQuan International Sports Holdings Ltd and China Stationery Ltd.

Maxwell will continue to exist when it is removed from the stock exchange. The filing said the company is still able to continue its operations and business and proceed with its corporate restructuring and its shareholders can still be rewarded by the company’s performance.

“However, the shareholders will be holding shares which are no longer quoted and traded on Bursa Securities,” said Maxwell.

The Practice Note 17 (PN17) company noted that the trading in Maxell’s securities will be and/or remain suspended with effect from Aug 20, 2019.

Trading in shares of Maxwell has been suspended since May 14, last year.