KUALA LUMPUR (Apr 23): Golden Plus Holdings Bhd (GPlus) said it is unable to release its audited financial statements (AFS) to Bursa Malaysia for the financial year ended Dec 31, 2014, by next Thursday (Apr 30).

According to the property developer’s filing with the stock exchange today, GPlus failed to do so as it was “still in the process of getting out” the AFS for the financial year(s) ended Dec 31, 2010, 2011, 2012 and 2013.

The group is also in the midst of churning out the quarterly reports for the financial years ended Dec 31, 2011, 2012, 2013 and 2014 (outstanding financial reports).

"In view of the above, GPlus is expecting to issue and submit its AFS within six months after the release of the outstanding financial reports, which are still outstanding for release to Bursa Securities," it said.

According to the filing, should GPlus fail to issue the AFS within five market days from the expiry of the timeframe, Bursa shall suspend trading in the securities of GPlus.

The suspension shall be effected on the market day following the expiry of the suspension deadline – which is the last day of the five market days from Apr 30 – and shall be uplifted on the market day following the issuance of the AFS unless otherwise determined by Bursa Securities, it added.

"As such, the suspension will be effected on May 12, 2015. However, the company's securities have been suspended from trading since Aug 3, 2009," the filing added.

The filing further said if GPlus fails to issue the AFS within six months from the expiry of the timeframe, de-listing procedures shall be commenced against the company, in addition to any enforcement action that Bursa Securities may take.