KUALA LUMPUR (Aug 5): Pasdec Holdings Bhd faces suspension in the trading of its securities with effect from Monday, Aug 10, 2020 until further notice as the company failed to submit its 2019 annual report within the approved timeline. 

In a bourse filing today, Pasdec said Bursa Malaysia Securities had granted the company an extension of time until July 31, 2020 to submit its annual report, which includes the annual audited financial statements together with the auditors' and directors' reports in respect of the financial year ended Dec 31, 2019 (FY19).

However, Pasdec said it had failed to submit its 2019 annual report to Bursa Securities for public release within the approved timeline. 

“In view of the above and in the event that Pasdec is unable to submit the outstanding AR (annual report) 2019 on or before Aug 7, 2020, the trading in the above company's securities will be suspended with effect from 9.00am, Monday, Aug 10, 2020 until further notice,” it said. 

Under the Listing Requirements (LR), if a listed issuer fails to issue the outstanding financial statements within five market days after the expiry of the relevant time frames (as the last day of the five market days is referred to as "Suspension Deadline”), Bursa Securities shall suspend the trading in the securities of such listed issuer, it said.

The suspension shall be effected on the next market day after the Suspension Deadline, Pasdec noted.

“Pursuant to Paragraph 9.28(6) of the LR, if a listed issuer fails to issue the outstanding financial statements within six months from the expiry of the relevant timeframes, in addition to any enforcement action that Bursa Securities may take, de-listing procedures shall be commenced against such listed issuer,” it said. 

At noon market break, shares in Pasdec were half a sen or 2.38% higher at 21.5 sen, valuing the group at RM86.08 million. It saw 270,000 shares transacted.