Masteel's shares to be suspended tomorrow on failure to submit 2014 financials

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KUALA LUMPUR (May 11): Malaysia Steel Works (KL) Bhd (Masteel)’s shares will be suspended from tomorrow (May 12), as it has failed to submit its annual audited accounts for the financial year ended Dec 31, 2014 (FY14) within the stipulated timeframe.

In a filing, Masteel (fundamental: 0.35; valuation: 1.4) said it had failed to submit its FY14 annual audited accounts for public release by Apr 30, 2015, in accordance to Paragraph 9.23(2) of Bursa Securities' Main Market listing requirements.

“In view of the above, the trading in Masteel's securities will be suspended with effect from 9am, Tuesday, May 12, 2015, until further notice,” it said.

In a filing dated April 30, Masteel said the delay in completing its FY14 audit and the release of the annual audited accounts was because its external auditors were unable to express an opinion on the financial statements, due to various issues raised to the audit committee and the board.

As such, it said the company has taken initiative to engage UHY Advisory (KL) Sdn Bhd (special auditors) to conduct an independent and comprehensive review of the issues raised by the external auditors, to facilitate the provision of an opinion on the financial statements of the company for FY14.

The special review was expected to be completed in six weeks. The board had said then that it would be making an application to Bursa Malaysia to seek an extension of time up to June 30, 2015, to submit the audited financial statement.

Masteel rose 0.5 sen or 0.81% to close at 62 sen today. It had a market capitalisation of RM151.30 million.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)