China Automobile falls as much as 50% in active trade on risk of suspension

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KUALA LUMPUR (June 2): Shares of China Automobile Parts Holdings Ltd (CAP) fell as much as 50% in active trade this morning before steadying at mid-morning as it risked having the trading of its shares suspended on June 8 if it fails to submit its quarterly report for the financial period ended March 31, 2017 (1QFY17) on or before June 7.

At 10.54am, CAP was flat at 1 sen with 28.01 million shares done, for a market capitalisation of RM13.62 million. The stock had earlier dipped to a low of 0.5 sen.

This was an expected development after CAP had said last week it would not be able to finalise its quarterly report within the May 31 deadline after its auditor PKF had retracted its audit report for FY15.

In response to Bursa Malaysia's suspension warning, the company said yesterday an application in relation to re-issuance of the audited financial statements for FY15 has been submitted to Bursa Malaysia Securities.

Earlier, Bursa Malaysia said it would suspend the trading of CAP shares with effect from 9am on June 8 until further notice if the issuer fails to submit the financial results on time.