Seacera faces possible suspension, unable to submit quarterly report

Seacera Group Bhd, which has become a Practice Note 17 company, saw 22.91 million of its shares crossed in an off-market deal on Monday.

KUALA LUMPUR: Seacera Group Bhd will be facing a suspension from June 12 if the company fails to submit its quarterly report for the financial period ended March 31 by June 11.

The tile maker failed to submit its quarterly report for public release within the stipulated timeframe by May 31, pursuant to Paragraph 9.22(1) of Bursa Securities’ Main Market Listing Requirements (LR).

According to a statement Tuesday on Khee San on Bursa Malaysia, in the event that Seacera is unable to submit the outstanding March 31  quarterly report on or before June 11, trading in the company’s securities will be suspended with effect from 9am, on June 12 until further notice.

“Pursuant to Paragraph 9.28(6) of the LR, if a listed issuer fails to issue the outstanding financial statements within six months from the expiry of the relevant timeframes, in addition to any enforcement action that Bursa Securities may take; de-listing procedures shall be commenced against such listed issuer,” the statement said.

In April 2019, Seacera has become an affected listed issuer under Practice Note 17 (PN 17) under the Main Market Listing Requirements of Bursa Malaysia Securities.