Thursday 28 Mar 2024
By
main news image

KUALA LUMPUR (May 7): Trading in Practice-Note 17 (PN17) company Bertam Alliance Bhd’s shares will be suspended from May 10 as the company has failed to submit its annual report for its financial year ended Dec 31, 2017 (FY17) on or before its April 30, 2018 deadline.

In its filing with Bursa Malaysia today, Bertam said that the trading in its shares will be suspended from Thursday until further notice.

Bertam had said in a May 4 filing to the exchange that the group is unable to release its annual report, which includes its annual audited financial statements together with the auditors’ and directors’ reports as the group is still finalizing its annual financial statements, and targets to issue the report on or before May 31.

Bertam  fell into PN17 status early last month, due to the winding up order against its wholly-owned unit Bertam Development Sdn Bhd (BDSB), which accounts for at least 50% of the company’s total assets.

The group had appointed Chay Wai Yee as its chief financial officer (CFO) on April 17. Its previous CFO Tan Phaik Kuon had resigned on Aug 4 last year to pursue other career opportunities.

Bertam  is primarily involved in property development, and its largest shareholder is its managing director, Sabah-based businessman Lim Nyuk Foh, who has a 23.7% direct stake.

Bertam shares closed unchanged at 30 sen today and for a market capitalisation of RM62 million.

      Print
      Text Size
      Share