KUALA LUMPUR: Bursa Malaysia Securities Bhd has issued a directive to China Stationery Ltd (CSL) to take certain actions and announce status updates by Friday. Failure will result in suspension in the trading of CSL’s shares.
On its website, the regulator noted that this decision was made in consultation with the Securities Commission (SC) and taking into consideration some factors.
The factors include the plastic stationery company’s lack of cooperation and/or inability to provide satisfactory response on information still outstanding, and the uncertainty as to the management of CSL arising from (among others) various resignations by its directors and chief financial officer Chin Siew Weng announced this month.
Bursa Securities requires CSL to have external auditors review its third quarterly report for financial period ended Sept 30, 2017, prior to its issuance and review the advertisement expenses amounting to 146.2 million yuan (RM91.1mil) for the last financial year.
CSL’s board of directors is required to announce to Bursa Securities the steps that the company plans to address the issues mentioned, confirmation from the auditors that they have been appointed to undertake the review, and steps to be taken to appoint new directors.
“In the event CSL fails to provide the status updates as set out above, Bursa Securities will suspend the trading of CSL’s shares. In this respect, such a suspension will be effected via issuance by Bursa Securities to the market on Nov 24 a notice of suspension in the trading of the shares of CSL on which will take effect from 9.00am, Tuesday, Dec 5, 201,” Bursa Securities said.
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