SCIB down 26%, KPower falls after Bursa rejects postponement of the former's annual report

SCIB down 26%, KPower falls after Bursa rejects postponement of the former's annual report
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KUALA LUMPUR (Oct 27): Shares of Sarawak Consolidated Industries Bhd (SCIB) fell as much as 10.5 sen or 25.92% in early trade, after it said it will miss the deadline to submit its annual report by end of this month (Oct 31).

Shares of the counter had resumed trading on Wednesday after a temporary suspension from Tuesday noon, when SCIB announced Bursa Malaysia had rejected the postponement of its annual report submission to Dec 31, from Oct 31. 

The counter opened 7.5 sen lower. As at 9.42am, the shares traded down nine sen or 22.22% to 31.5 sen. Trading volume stood at 48.65 million shares in the period, making it the third most active counter.

SCIB’s sister company KPower Bhd's share price also opened lower on Wednesday morning. At 9.48am, the counter fell five sen or 7.35% to 63 sen, from 68 sen. Trading volume stood at 5.91 million shares.

SCIB had changed its financial year end to June 30, from Dec 31, after the resignation of its former auditor KPMG. On Oct 26, SCIB said it has requested the postponement for its annual report to allow time for its auditor Nexia SSY PLT, appointed in August, to perform their duties “without interference and time constraints”.

It said it had appealed against Bursa’s decision.

SCIB and KPower have Serba Dinamik Holdings Bhd co-founder Datuk Mohd Abdul Karim Abdullah as a common major shareholder. 

Separately, Serba Dinamik shares had been suspended from trading since last week as Bursa Securities directed the company to reveal the information shared to its independent directors by Ernst & Young, which is undertaking a special independent review (SIR) on the company’s financials. 

On Monday, Serba Dinamik responded by saying that there was no information deemed as “factual findings” of the SIR shared with its directors. It added that E&Y documents which do not fall under that category do not constitute information that is material.

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Bursa rejects SCIB's request for extension of time to issue annual report

Joyce Goh