Thursday 28 Mar 2024
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This article first appeared in The Edge Financial Daily on October 20, 2017

KUALA LUMPUR: Bursa Malaysia has rejected Kinsteel Bhd’s application to extend the deadline for submitting its annual report for the financial year ended June 30, 2017 (FY17).

The deadline for submission is Nov 7.

In a filing with the stock exchange yesterday, Kinsteel said it risks suspension of its shares from trading at 9am on Nov 8, if it fails to submit the report by Nov 7. Subsequently, the company targets to issue the FY17 annual report by Nov 30.

“The suspension shall be effected on the market day following the expiry of the suspension deadline and shall be uplifted on the market day following the issuance of Annual Report 2017 unless otherwise determined by Bursa Securities,” said Kinsteel.

It said it was unable to submit its FY17 annual report within the relevant time frame due to a delay in the audit process as it was “required to settle the outstanding audit fees due to the auditors before their commencement of audit” on the financial statements for FY17.

The Practice Note 17 company — with outstanding overdrafts and short-term borrowings of RM804.4 million and barely any cash — is currently negotiating a debt restructuring exercise with its creditors.

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