Thursday 28 Mar 2024
By
main news image

KUALA LUMPUR: Shares of Kinsteel Bhd and its subsidiary Perwaja Holdings Bhd, which had failed to submit their annual audited accounts for the financial period ended June 30, 2014 (FY14), are at risk of being suspended from trading from Nov 10.

Bursa Malaysia told the two companies that the stock exchange was unable to consider their application for an extension of time to release the annual audited financial statements for FY14, until Nov 14, simply because their applications were submitted after the due date for submission of the audited financial statements.

The two companies which are owned by tycoon Tan Sri Pheng Yin Huah, are required under the listing requirement to submit their audited annual accounts by Nov 7. If they fail to do so, the companies’ securities would be suspended from trading on Nov 10.

Perwaja and Kinsteel made the same announcement in a separate filing yesterday.

To recap, Kinsteel and Perwaja had failed to submit their annual audited accounts to the stock exchange for public release, within the stipulated time frame of Oct 31 this year.

The two companies told Bursa they are still in the midst of finalising the valuation of their fixed assets, and they expect to submit the results by Nov 14.

According to the listing requirements, if a listed issuer fails to issue the outstanding financial statements within five market days after the expiry of the time frame, Bursa will suspend the trading in the company’s shares.

Moreover, if the listed issuer fails to issue the outstanding financial statements within six months from the deadline, the delisting procedures will commence against the company.

According to TheEdgeMarkets.com, the risk score of Kinsteel stood at 4 on a scale of 1 to 5, with 5 being the most volatile. Its fundamental score stood at 0 on a scale of 0 to 3, with 3 suggesting it is profitable and has a strong balance sheet.

Kinsteel’s share price fell 2.5 sen or 11.9% to close at 18.5 sen yesterday, bringing its market capitalisation to RM192.7 million.

Perwaja also has a fundamental score of 0, with a maximum risk score of 5. The counter declined 1 sen or 8.3% to settle at 11 sen, giving it a market capitalisation of RM61.6 million.

 

This article first appeared in The Edge Financial Daily, on November 5, 2014.

      Print
      Text Size
      Share