香港聯合交易所有限公司
(香港交易及結算所有限公司全資附屬公司)
THE STOCK EXCHANGE OF HONG KONG LIMITED
(A wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited)
ANNOUNCEMENT
In relation to the matter of DBA Telecommunication (Asia) Holdings Limited
(Stock Code: 3335)
Proceeding to third stage of delisting procedures
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The Stock Exchange of Hong Kong Limited (the "Exchange") places DBA Telecommunication (Asia) Holdings Limited (the "Company") into the third delisting stage today.At the end of the third delisting stage (i.e. 8 September 2016), if no viable resumption proposal is received, the Company's listing will be cancelled.
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Trading of the Company's shares was suspended on 6 June 2013 initially pending a clarification announcement on news alleging that the Company's controlling shareholder was in financial difficulties. On 19 June 2013, the Company announced that (i) during the 2012 annual results audit, the auditors of the Company raised certain audit issues and requested to perform additional audit work including further testing of purchases and sales generated in 2012 and (ii) the published 2012 annual results on 28 March 2013 had yet to be audited or agreed by the auditors. As a result, the Company’s share trading remains suspended.
The Exchange placed the Company into the first and second delisting stage on 15 January and 28 July 2015 respectively. At the end of the second delisting stage, the Company did not provide a viable resumption proposal. Therefore, the Exchange decided to place the Company into the third delisting stage under Practice Note 17 to the Listing Rules.
The Company will have a final six months to provide a viable resumption proposal to demonstrate sufficient operations or assets as required under Rule 13.24.
The Company must also:
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publish all outstanding financial results and address any audit qualifications;
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complete the independent board committee's review on the audit issues set out in the Company's announcement of 19 June 2013 and circumstances that led to the publication of the unaudited 2012 annual results and the delay in the despatch of its 2012 annual report and address any issues identified by the independent board committee, and to demonstrate that there is no reasonable regulatory concern about management integrity which will pose a risk to investors and damage market confidence; and
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demonstrate that it has put in place adequate financial reporting procedures and internal control systems to meet its obligations under the Listing Rules. |
At the end of the third delisting stage (i.e. 8 September 2016), if no viable resumption proposal is received, the Company's listing will be cancelled. The Exchange will make a further announcement if the delisting takes place.
Ends