KUALA LUMPUR (Nov 5): FSBM Holdings Bhd, an information technology service and systems provider, said the release of its Annual Report 2018 has been delayed because it is finalising the annual audited financial statements for the financial year ended June 30, 2018.

The finalisation is contingent upon the proof of recoverability of certain trade and other receivables, the company said in a stock exchange filing today.

"Management is actively discussing and resolving the above outstanding issue with the exernal auditors in order to complete the Annual Report 2018 within the timeline of not later than two months from Oct 31, 2018," the company said.

The company announced on Oct 31 that it was unable to release its Annual Report 2018 by Oct 31, as required by the Main Market listing requirements, because it required more time to resolve some "outstanding issues", but did not elaborate then.

Under Paragraph 9.23(1) of Main Market Listing Requirements, a listed entity is required to issue its annual report to Bursa Malaysia and its shareholders within four months from the end of the financial year.

If FSBM fails to announce/issue its Annual Report 2018 within five market days from the expiry of the time frame, in addition to any enforcement action Bursa Securities may take, the regulator shall suspend trading of FSBM's securities on the market day following the expiry of the deadline.

If the annual report is still not issued within six months from Oct 31, de-listing procedures will be commenced against the company.

Listed on the Main Market of the local bourse since 1994, FSBM shares gained 1 sen or 5% to close at 21 sen today, for a market capitalisation of RM29.68 million. In the past 12 months, the stock has fallen 17%.