This article first appeared in The Edge Financial Daily on May 9, 2019

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

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

On May 2, a Daya Materials filing revealed that it was unable to submit to Bursa Securities its FY18 annual report by April 30. The regulator had warned that if the company was unable to submit the outstanding annual report by yesterday, trading of its shares will be suspended effective today until further notice.

The company has also been granted an extension by Bursa Securities until 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 for the previous year as revenue declined 4.1% to RM281.56 million from RM293.53 million in FY17.

Daya Materials shares closed half a sen or 100% higher at one sen yesterday, giving it a market capitalisation of RM20.43 million.