KUALA LUMPUR (Nov 5): Shares of Sarawak Consolidated Industries Bhd (SCIB) fell as much as 2.5 sen or 12.82% to hit its intra-day low of 17 sen in early trade after the precast concrete product maker received a warning from Bursa Securities on Wednesday that its securities face a suspension from trading if it fails to issue its annual report for the financial year ended June 30, 2021 (FY21) by Nov 8.
The Sarawak-based firm opened five sen lower at 19 sen on Friday. At 11.10am, it traded down 1.5 sen or 7.69% to 18 sen, with a market capitalisation of RM102.27 million.
Its trading volume stood at 20.2 million, making it among the most actively traded stocks.
The counter has fallen 56.09% from 41 sen on Oct 26, when the regulator rejected its application for an extension of time to submit its annual report for FY21. On Wednesday, Bursa said it will suspend trading in SCIB's securities from next Tuesday (Nov 9) if it is unable to submit its annual report by next Monday.
Earlier on Oct 26, Bursa Malaysia had rejected the company’s application for an extension of time until Dec 31 to issue its annual report for FY21.
According to SCIB, the change of external auditor and the impact of restrictions in movement in Malaysia and overseas arising from the Covid-19 pandemic has affected the submission of its FY21 annual report.
SCIB has been under pressure since its sister company Serba Dinamik Holdings Bhd was embroiled in an audit issue with its former external auditor KPMG.
The counter has plunged to current level from RM1.48 on May 25, when the audit dispute was first revealed.
SCIB has Serba Dinamik co-founder Datuk Mohd Abdul Karim Abdullah as its common major shareholder.