Friday 29 Mar 2024
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This article first appeared in The Edge Financial Daily on December 4, 2019

KUALA LUMPUR: Sumatec Resources Bhd has missed the deadline to submit its quarterly report for the financial period ended Sept 30, 2019 (3QFY19).

In a bourse filing yesterday, Sumatec said in the event it is unable to submit its 3QFY19 report on or before Dec 6, trading in its securities will be suspended from 9am on Monday, Dec 9.

However, Sumatec said as its securities have been suspended from trading since Nov 7 following a winding up order against the company, the suspension of trading will continue until further notice.

Sumatec slipped into Practice Note  17 status in April 2018, when its external auditors Messrs Grant Thornton Malaysia expressed a disclaimer of opinion on the company's audited financial statements for the financial year ended Dec 31, 2017.

The group received a petition last August from its bondholders demanding payment of RM83.31 million from three collateralised loans they had extended to Sumatec.

The bondholders, namely Kerisma Bhd, Capone Bhd and Prima Uno Bhd, first called up the debt in 2017 via Malaysian Trustees Bhd, after terminating a settlement agreement on the facilities.

Under Bursa Malaysia Securities' Main Listing Requirements, if a listed issuer fails to issue its outstanding financial statements within six months from the expiry of the relevant timeframes, in addition to any enforcement action that Bursa Securities may take, delisting procedures shall be commenced against such listed issuer.

With its shares’ last traded price of half sen apiece, Sumatec had a market capitalisation of RM21.26 million.

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