Maxwell unable to issue annual report before April 30 deadline

This article first appeared in The Edge Financial Daily, on April 26, 2018.
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KUALA LUMPUR: Maxwell International Holdings Bhd is unable to release its annual report for the financial year ended Dec 31, 2017 (FY17) before the April 30 deadline.

In a Bursa Malaysia filing, the company said it would endeavour to release the report no later than two months from the date.

Maxwell said its external auditor Messrs Baker Tilly Monteiro Heng requires additional time to complete the annual report, and that it is working closely with the auditor to expedite its completion.

If Maxwell fails to issue its annual report within five market days of the time frame, the trading of its shares will be suspended by Bursa Securities.

“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 announcement/issuance of the 2017 annual report unless otherwise determined by Bursa Securities. As such, the suspension will be effected on May 9, 2018,” said Maxwell.

If Maxwell fails to issue its annual report within six months from the expiry of the time frame, the bourse will commence delisting procedures against the company.

Maxwell shares closed unchanged at two sen yesterday, with a market capitalisation of RM7.98 million.