KUALA LUMPUR (June 12): Electrical and mechanical engineering services provider YFG Bhd said Securities Commission (SC) has granted it an extension of two months to rectify and reissue its audited financial statements for the year ended June 30, 2014.

In a filing with Bursa Malaysia today, YFG (fundamental: 0.15; valuation: 0.3) said the two-month extension from June 12, 2015 was also given for it to rectify “other necessary consequential amendments” to its financial statements.

To recap, YFG was fined RM200,000 by SC on May 13 for knowingly authorising false or misleading statements to be furnished in its audited financial statements to Bursa Malaysia on Nov 5, 2014.

YFG had said then that the regulator had imposed sanctions against them after it found that YFG’s impairment loss adjustment of RM3.375 million made in its amended audited financial statements for the financial year ended June 30, 2014, was unascertainable.

YFG was also required to rectify and reissue its AFS for the year ended June 30, 2014, by reinstating the impairment loss of RM8.442 million and making the necessary consequential amendments to its financial statements accordingly within one month from the date of the letter dated May 13, 2015.

YFG closed unchanged at 7 sen today, giving it a market capitalisation of RM42.63 million.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)