Kinsteel, Perwaja valuing fixed assets, to announce audited financials by Nov 14

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KUALA LUMPUR (Nov 3):  Kinsteel Bhd and its 37.34% associate Perwaja Holdings Bhd
is in the midst of finalising the valuation of fixed assets.

This has caused the delay in the release of their audited financial statements (AFS) for financial year ended June 30, 2014 (FY14), Kinsteel and Perwaja said in separate filings with Bursa Malaysia today.

Kinsteel and Perwaja explained that the reason for failing to issue the AFS by the deadline last Friday (Oct 31) was due to outstanding audit matters, particularly, matters relating to the valuation of fixed assets.

The valuation exercise had yet to be completed as at last Friday, according to both firms.

“The company is in the midst of finalising the valuation of fixed assets of the group and expects to issue the annual financial statements soon,” Kinsteel and Perwaja said.

Kinsteel and Perwaja have sought a 14-day extension from Bursa Malaysia to release the AFS.

Both firms said they would announce their audited results by Nov 14 this year.

"In the event the company fails to submit the AFS by 7 November 2014, the suspension of trading will be effected on the next market day after the expiry of 5 market days from the relevant timeframe. Under such circumstances, the suspension of trading will be effected on 10 November 2014," Kinsteel and Perwaja said.

Both Kinsteel and Perwaja's share trades were suspended from 9am to 10am this morning ahead of the announcements.

The announcements followed earlier statements to the the exchange last Friday on the delay in the submission of the audited financials.

Last Friday, Kinsteel and Perwaja said in separate announcements that they were unable to release their FY14 AFS by that day as “the company is still in the midst of finalising some audit issues with the auditors”.

Today, Kinsteel shares dipped 1.5 sen or 6.67% to 21 sen at 12.30pm for a market capitalisation of some RM219 million.

Perwaja was traded unchanged at 13 sen for a market value of about RM73 million.