This story has been updated for accuracy.

KUALA LUMPUR (Oct 31): Shares of Sumatec Resources Bhd, which has been categorised as a practice note 17 company since April last year, will be suspended indefinitely next week.

In a filing with the stock exchange today, the group said trading of its shares will be suspended with effect from 9am next Thursday (Nov 7) until further notice.

This follows an earlier announcement dated Oct 17 when the company said it had received a winding-up order in respect to a winding-up petition.

In the Oct 17 filing, the financially-ailing company said it will be appealing against the decision of the High Court in respect of the winding-up order.

Sumatec slipped into the PN17 status in April 2018 when its external auditors Messrs Grant Thornton Malaysia expressed a disclaimer of opinion on the company's audited financial statements for the financial year ended Dec 31, 2017.

The group received a petition last August from its bondholders demanding payment of RM83.31 million from three collaterialised loans they had extended to Sumatec.

The bondholders, namely Kerisma Bhd, Capone Bhd and Prima Uno Bhd, first called up the debt in 2017 via Malaysian Trustees Bhd, after terminating a settlement agreement (SA) on the facilities.