CAPITAL WORLD LIMITED
(Incorporated in the Cayman Islands)
(Company Registration No.: CT-276295)
NON ISSUANCE OF SUSTAINABILITY REPORT FOR THE FINANCIAL YEAR ENDED 30 JUNE 2020
The Board of Directors (the "Board" or the "Directors") of Capital World Limited (the "Company", and together with its subsidiaries, the "Group") wishes to announce that the Company will not be issuing its sustainability report for the financial year ended 30 June 2020 ("FY2020") for the following reasons:
Since 17 February 2020, the Company has been undergoing a court-supervised restructuring for Scheme of Arrangement pursuant to Section 211I of the Companies Act (Cap. 50) (the "Scheme") which has been sanctioned by the Court on 24 June 2021. The Company is currently in the process of implementing the Scheme to reorganise the Group's debts.
Capital City Property Sdn. Bhd. (the "CCPSB"), a wholly-owned subsidiary of the Company, had been placed under judicial management by the High Court of Malaya, Kuala Lumpur, Malaysia (the "Malaysia Court") pursuant to Section 405 of the Malaysia Companies Act 2016 on 13 March 2020. CCPSB's judicial manager, CRS Corporate Services Sdn Bhd is currently implementing the proposed restructuring of the liabilities of CCPSB.
The Group's other wholly owned subsidiary, CEP Resources Sdn Bhd ("CEP") which is in mining business has temporarily ceased operation since November 2020 mainly due to the Movement Control Orders enforced by Malaysia's government since the start of the Covid 19 pandemic.
The Group's ability to continue as a going concern is dependent mainly on the outcome of the successful implementation of the Scheme, the restructuring of CCPSB and resumption of operations of CEP. Apart from the aforementioned, the Group does not have other operations.
In view of the circumstances above, the Board is of the view that the Group does not have any substantial operations in FY2020 and will not be able to meaningfully issue its sustainability report for FY2020 as required under Rule 711A of the Catalist Rules. As announced on 24 June 2021, the Company expects to be in a position to issue the sustainability report for financial year ended 30 June 2021 by 16 January 2022.
Trading in the Company's securities on the SGX-ST has been voluntarily suspended by the Company on 14 February 2020. The Company will make further announcements as appropriate or when there are any material developments.
Shareholders are advised to read this announcement and any further announcements by the Company carefully. Shareholders and potential investors should note that there is no certainty or assurance that the shares of the Company will eventually resume trading on the SGX-ST Shareholders should consult their stockbrokers, bank managers, solicitors or other professional advisors if they have any doubt about the actions they should take.
By Order of the Board
CAPITAL WORLD LIMITED
Siow Chien Fu
Executive Director and Chief Executive Officer
13 August 2021
This announcement and its contents have been reviewed by the Company's sponsor, PrimePartners Corporate Finance Pte. Ltd. (the "Sponsor"). It has not been examined or approved by the Singapore Exchange Securities Trading Limited (the "Exchange"). The Exchange assumes no responsibility for the contents of this announcement, including the correctness of any of the statements or opinions made or reports contained in this announcement.