KUALA LUMPUR (Dec 3): Trading in Maxwell International Holdings Bhd continued to be suspended as it failed to submit its quarterly report for the financial year ended Sept 30, 2018 (FY18). 

In a filing with Bursa Malaysia Securities today, Maxwell said it had failed to submit its quarterly report to Bursa Malaysia for public release by the Nov 30 deadline.

“Pursuant to Paragraph 9.28(5) of the LR, if a listed issuer fails to issue the outstanding financial statements within 5 market days after the expiry of the relevant timeframes as stated in Paragraph 9.22(1) of the LR ("Relevant Timeframes") (the last day of the 5 market days is referred to as "Suspension Deadline"), in addition to any enforcement action that Bursa Securities may take, Bursa Securities shall suspend the trading in the securities of such listed issuer. The suspension shall be effected on the next market day after the Suspension Deadline,” the statement said.

“The Company's securities have been suspended from trading since May 10, 2018, the trading suspension of Maxwell will continue until further notice,” Bursa Malaysia added. 

On Nov 30, Maxwell said it has blamed its inability to submit its annual report for its financial year 2017 to Bursa Malaysia or to issue it to shareholders on a continued cash flow problem. 

The group said this is because the issue is impacting the completion and finalisation of the audit on the group for the financial year 2017 ended Dec 31 (FY17). 

"The difficulty faced by the company in appointing a replacement chief financial officer has further aggravated the situation," Maxwell added.