MQ Tech auditors highlight theme park business uncertainties

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KUALA LUMPUR: MQ Technology Bhd’s (MQ Tech) auditors have expressed a qualified opinion on the group’s annual audited financial statements for its financial year ended Dec 31, 2018, over uncertainties related to the group’s theme park business.

Moore Stephens Associates PLT highlighted in a report that MQ Tech had incurred a total of RM18.57 million as advances, deposits and prepayments in relation to its theme park business, MQ Tech said in a stock exchange filing yesterday.

MQ Tech management is now reassessing the viability of the theme park business in view of current economic and political conditions.

“Due to the uncertainty on the direction of the management on the theme park business and (as such) the lack of documentary information and/or evidence being available that assesses the manner in which these amounts are expected to be recovered, we are unable to obtain sufficient appropriate audit evidence to assess the recoverable amounts and/or impairment, if any.

“Consequently, we were unable to determine whether any adjustments to these amounts were necessary,” the auditors said. Shares in MQ Tech closed unchanged at five sen yesterday, giving the group a market value of RM29.89 million.