KUALA LUMPUR (Oct 30): Bursa Malaysia confirmed today that iDimension Consolidated Bhd has triggered the criteria for Guidance Note No 3 (GN3).

Bursa said it will continue to monitor the progress of iDimension in respect of its compliance with the ACE Market listing requirements.

It added that as at Oct 30, there are a total of three companies under GN3 which represent 0.33% of the total number of 911 companies listed on Bursa Securities.

Yesterday iDimension said that its external auditors had expressed an adverse opinion on its audited financial statements for the six-month financial period ended June 30, which triggered the GN3 status.

The external auditors, BDO, had disagreed with the decision by iDimension’s board to treat its subsidiary, IDB Interactive Sdn Bhd as a pure investment as opposed to a subsidiary to be consolidated, the latter being in accordance with the law and financial reporting standard.

The group attributed the decision to an inability to access IDB’s accounting records in order to verify the accuracy of information due to a tussle with the previous management of IDB which had not returned the documents.

The board of iDimension subsequently decided to deconsolidate IDB’s financial statements on failure to corroborate or verify their accuracy, which did not provide a true and fair view of iDimension’s financial position.

As a GN3 company, iDimension is required to submit a regularisation plan to Bursa Malaysia and obtain approval to implement the plan within 12 months from today.

The stock faces suspension and delisting from the ACE Market if it fails to comply with its obligations.

Shares of iDimension closed unchanged today at 3 sen, with 1.99 million shares done for a market value of RM8.16 million.