Asia Knight falls into PN17 status

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  KUALA LUMPUR (Oct 31): Asia Knight Bhd has fallen into Practice Note 17 category today as the company auditors have expressed disclaimer opinion in the company’s latest audited financial statements for the 18 months financial period ended June 30, 2014.

 The particle board manufacturer is the second company on Bursa Malaysia that external auditors have expressed disclaimer opinion on financial accounts today. The other company is Bina Goodyear Bhd.

 Asia Knight said in an announcement to the stock exchange today that it is an affected listed issuer as it has triggered PN17 of the main market listing requirements of Bursa Malaysia.

 In a separate announcement today, the external auditors Messrs Nexia SSY said it was unable to carry out appropriate audit procedures to obtain sufficient and appropriate audit evidence over the estimates.

 “We have not been able to obtain sufficient appropriate audit evidence to provide a basis of an audit opinion,” said Messrs Nexia SSY in the auditor report.

 Asia Knight closed 1.85% higher at RM1.10 Friday, giving it a market capitalisation of RM58.13 million.