Bursa rejects GPlus’ request for extension

PETALING JAYA: Golden Plus Holdings Bhd (GPlus), which is embroiled in a boardroom tussle, has yet to submit its first quarter results ended March 31 as at yesterday.

The property developer in a filing with the stock exchange yesterday said Bursa Malaysia had rejected its request for a two-week extension from the deadline last Friday.

GPlus fell 10 sen to close at RM2.12 on volume of 789,300 shares. It had earlier voluntarily suspended trading from 9am to 12.30pm. Trade resumed after the midday break.

Last Friday, GPlus said it was unable to submit its first quarter accounts to Bursa within the stipulated timeframe, which expired on May 30.

“The dispute between the shareholders, which led to numerous legal suits and EGMs and the subsequent appointment of provisional has created confusion in the company.

“These events have unnecessary diverted the attention of the key staff members and generally caused a lack of direction in the company,'' it said.

GPlus also has yet to release its full year results ended Dec 31, 2007 (FY07), which were due on Apr 30. It told Bursa last Friday that its external auditors Messrs Moore Stephens were visiting Shanghai, China and “carrying out in-depth review of the accounts of the subsidiaries'' operating there.

“They are expected to complete their tasks within two weeks,'' it said.

According to a separate filing with the exchange on May 30, Taiwanese Lai Su-Chen has emerged as a substantial shareholder in GPlus with a 5.06% stake.

The 7.427 million shares were acquired on May 27. The stock surged to RM2.26 on that day, its highest level since December 2004.

 GPLUS :  [Stock Watch]  [News]

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