KUALA LUMPUR (Feb 4): Trading in the securities of Toyo Ventures Holdings Bhd (TVHB) will not be suspended on Feb 10, as the company managed to submit its annual report for the financial period ended Sept 30, 2021 (FY21) to Bursa Malaysia on Monday (Jan 31).

“The board of directors of TVHB hereby announces that the company has submitted the annual report 2021 to Bursa Securities on Jan 31, 2022 which is within the timeframe as required under Paragraph 9.23(1) of the MMLR [Main Market Listing Requirements] of Bursa Securities and hence there will be no suspension of trading on Feb 10, 2022,” said TVHB in a bourse filing on Friday (Feb 4).

Last Wednesday (Jan 26), TVHB said it had failed to meet the earlier Jan 31 deadline, and needed additional time to resolve outstanding issues. However, TVHB did not provide details on the outstanding issues that had to be resolved.

This week, the company said it withdrew its proposed dividend of one sen per share due to "insufficient retained earnings". The dividend, which was proposed on Nov 30, 2021, will not be tabled at its forthcoming annual general meeting.

Separately, the company announced that its external auditor, KC Chia & Noor, has issued a qualified opinion on the group's audited financial statements for FY21.

The auditor is unable to obtain "sufficient appropriate audit evidence to determine the continuity and successful outcome and reliable measurement of the expenditures" attributable to the power plant development project undertaken by Toyo Ventures' subsidiary Toyo Ink Group Bhd during the development phase.

Toyo Ventures, which had changed its financial year end from June 30 to Sept 30, posted a net loss of RM12.92 million on revenue of RM99.88 million for the 15-month period ended Sept 30, 2021.

At Friday’s midday break, TVHB shares were down by 4.19% or four sen at 91.5 sen with some 20,000 shares changing hands. At 91.5 sen, the printing inks and electrical discharge machining products manufacturer was valued at RM107.02 million.

The stock has fallen 36.46% year-to-date from RM1.44.