KUALA LUMPUR (Sept 14): Shares of Versatile Creative Bhd are set to resume trading next Tuesday (Sept 18), after the group submitted its annual report to Bursa Malaysia today. 

The annual report for the financial year ended March 31, 2018 (FY18) had been due by July 31, 2018, but was delayed, pending a forensic audit into financial irregularities in the group involving payments totalling RM2.3 million. 

This resulted in the group’s shares being suspended on Aug 8. 

The shares were last traded at 42 sen, after earlier hitting a five-year low of 37 sen, giving the group a market capitalisation of RM54.2 million. 

The newly-released annual report lists the group’s new board, which is chaired by Datuk Lee Kwee Hiang, who is also acting managing director. 

The report said the group is “identifying opportunities for future growth via a new location for its three key business units”, which would benefit from lower
administrative expenses, as well as supporting staff costs if they were relocated under one roof.

“The paper products and plastic products divisions will focus on machine acquisitions and reconditioning to improve efficiencies and productivity,” the group said, adding these divisions would also seek to grow sales via new market segments, regain orders from old customers, as well as improve market share among
existing customers.  

Meanwhile, the colour separation and printing division is repositioning its business towards more interaction with customers, as well as rationalizing its existing product range, Versatile Creative said. 

The group had on Aug 21, removed managing director Wong Kong Choong @ Leong Kong Choong and group chief financial officer Tan Quok Eow, after both failed to answer allegations made against them in show-cause letters. 

It subsequently appointed seven new directors to the board proposed by the group’s largest shareholder NSK Trading Sdn Bhd, which recently acquired a 22.17% stake in the group.