KUALA LUMPUR (Jan 26): Toyo Ventures Holdings Bhd (TVHB) has said it is unable to release its annual report for the financial period ended Sept 30, 2021 (FY21) as it needs additional time to resolve outstanding issues.

In a filing with the bourse, the company said it cannot meet the Jan 31 deadline, but said it will endeavour to issue the annual report, that includes the annual audited financial statements, auditors' and directors' reports, no later than one month from the date.

"The delay is due to the company requiring additional time to resolve some outstanding issues. The company is working closely with the external auditors to expedite the completion of the FY21 annual report as soon as possible before the end of February 2022," it said.

However, TVHB did not reveal the details of the outstanding issues that it needs to resolve.

TVHB changed its financial year from June 30 to Sept 30 in October last year. It said the change of financial year end was due to the continuing extension of Movement Control Order in Malaysia and lockdown in Vietnam which significantly hampered ability of the group to finalise the financial statements on time.

For the 15-month period ended Sept 30, 2021, the company posted a net loss of RM12.92 million on revenue of RM99.88 million.

Pursuant to Paragraph 9.28(5) of the Main Market Listing Requirements, if TVHB fails to issue its annual report within five days from the expiry of the time frame, Bursa Securities shall suspend the trading of the company's securities, in addition to any other enforcement action.

In the event it misses the deadline again, the suspension would be effective on Feb 10 and will only be uplifted on the market day following the issuance of the annual report, the company said.

If it fails to issue the annual report within six months from the expiry of the time frame, Bursa Securities may commence delisting procedures against TVHB.

TVHB fell two sen or 1.71% to close at RM1.15, giving a market capitalisation of RM135 million.