Thursday 28 Mar 2024
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KUALA LUMPUR (Oct 27): Practice Note 17 company Top Builders Capital Bhd said trading of its shares will be suspended as it is unable to submit its 2022 annual report by the Oct 31 deadline.

This came after the piling and foundation contractor failed in its bid to get Bursa Securities to agree to a one-month extension of the deadline to Nov 30, it said in a bourse filing.

Top Builders, formerly known as Ikhmas Jaya Group Bhd, said the suspension will be from Nov 8 until the group issues the annual report.

The group expects to submit the annual report within six weeks after the completion of its annual audited financial statement for the financial year ended June 30, 2022.

However, the company did not disclose when the financial statement will be completed.

Pursuant to the Main Market Listing Requirements of Bursa Malaysia, if Top Builders fails to issue the report within six months from Oct 31, the bourse operator is to commence the de-listing procedures on the company.

Previously, Top Builders had submitted an application for an extension of time to Bursa on Oct 14, requesting the deadline to submit the annual report by one month to Nov 30.

In its application, the company cited the extensive time taken by its new management team to assess the adequacy of information and documents required to finalise the audited financial statements.

On Oct 25, the company announced that its request was turned down, and said that it was working with its auditors to revise the timeline to complete its audited financial statements before the maintained Oct 31 deadline.

Shares of Top Builders ended unchanged at three sen, giving the company a market capitalisation of RM21.18 million.

Edited ByS Kanagaraju
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