KUALA LUMPUR (May 8): Daya Materials Bhd has managed to avert suspension to the trading of its shares after it submitted its annual report for the financial year ended Dec 31, 2018 (FY18) to Bursa Securities yesterday.

In a filing with Bursa Malaysia today, the Practice Note 17 (PN17) oil and gas services firm said there will be no suspension of trading in its shares tomorrow (May 9).

On May 2, a Daya Materials filing revealed that it was unable to submit its Annual Report 2018 to Bursa Securities by April 30. The regulator had warned that if the company was unable to submit the outstanding annual report by May 8, trading in its shares will be suspended effective tomorrow until further notice.

The company has also been granted an extension by Bursa Securities till Aug 27 to submit a regularisation plan to regularise its financial condition.

Daya Materials slipped into PN17 status in February last year, after its shareholder equity fell below RM40 million and represented less than 25% of its issued share capital as at Dec 31, 2017.

The company saw its net loss widen to RM178.35 million in FY18 from RM76.67 million in the previous year, as revenue declined 4.1% to RM281.56 million from RM293.53 million in FY17.

At 2.51pm, shares of Daya Materials were up 0.5 sen or 100% at one sen today, with 461,900 shares traded, bringing a market capitalisation of RM10.22 million. The stock's share price has fallen 71.4% over the past year from 3.5 sen.