Bursa to suspend Comintel share trade if co fails to submit 4Q report

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KUALA LUMPUR (April 2): Comintel Corp Bhd has until April 5 to submit its fourth quarterly report for financial period ended Jan 31, 2019 (4QFY19) to Bursa Securities, failing which trading in its shares will be suspended from April 8.

The group, which provides telecommunication services and technology solutions, had earlier failed to submit its 4QFY19 financial statements for public release within the stipulated timeframe, that is, March 31.

According to Bursa, if a listed issuer fails to issue the outstanding financial statements within five market days after the expiry of the relevant timeframes, in addition to any enforcement action that the regulator may take, Bursa will suspend the trading in the securities of such listed issuer.

And if a listed issuer fails to issue the outstanding financial statements within six months from the expiry of the relevant timeframes, in addition to any enforcement action that Bursa may take; de-listing procedures will be commenced against such listed issuer, it added.

Comintel triggered the Practice Note 17 criteria on March 28 after its shareholders’ equity fell below RM24 million or less than 25% of its issued capital and it has up to July 24 to submit a regularisation plan to the authorities.

Comintel shares closed up 0.5 sen or 6.25% at 8.5 sen today, bringing a market capitalisation of RM11.9 million. Its share price has fallen 66% over the past yea