Trading halt for GPlus, LFE over delay in submitting accounts

PETALING JAYA: Trading in Golden Plus Holdings Bhd (GPlus) andLFE Corp Bhd securities will be suspended from today until further notice over their failure to submit their annual audited accounts for the financial year ended Dec 31, 2007 (FY07).

Axis Inc Bhd, whose share price hit limit down twice on Wednesday, announced that trading in its securities was suspended yesterday when it was unable to submit its audited financial statements by yesterday’s deadline due to “unresolved issues” with its accounts.

Companies that also announced delays in the submissions of their accounts are Oilcorp Bhd, Fotronics Corp Bhd, Ho Hup Construction Co Bhd and Wimems Corp Bhd.

A Bursa Malaysia circular said yesterday that GPlus had failed to submit the annual audited accounts for FY07 within six months, and apart from the suspension, it might also be delisted.

GPlus said due to the delay, the company was also unable to announce the report for the first quarter of 2008.

GPlus said the directors were working with the external auditors to finalise the audited accounts by the end of next week. The company added that it would announce the first quarter results before Aug 15 and the annual report by Aug 29.

A Bursa circular said LFE was unable to issue its audited accounts for FY07 as at yesterday’s deadline.

In a separate statement, LFE told Bursa Ferrier Hodgson MH Sdn Bhd was undertaking an independent audit on one of its subsidiaries and it expected the audit to be finalised before end-August. LFE also said it would not be able to issue its quarterly report for the period ended March 31.

Axis said it was working with its auditors to solve the problem. A partner from Axis’ external auditors, Messrs Horwath, said the parties were working together to submit Axis’ audited financial statements as soon as possible.

However, the Horwath official refused to comment on what the “unresolved issues” were, citing that it was governed by a strict confidentiality policy on the matter because Axis was its client.

Bursa Malaysia chief regulatory officer Selvarany Rasiah said the regulator had instructed Axis to provide immediate clarification on the unresolved accounting issues raised by Messrs Horwath.

“Bursa is also engaging with the company and its external auditors to ensure that the company resolves the matter expeditiously and the appropriate disclosures on any material developments are made,” she said.

Meanwhile, Oilcorp said it was unable to issue the annual report for 2007 as it was awaiting the outcome of the adjourned EGM relating to its appointment of a new auditor.

Mesdaq-listed Fotronics told Bursa it had failed to submit its audited statements for the financial year ended March 31, 2008 for public release by yesterday’s deadline.

It said Horwath First Trust, the Singapore-based auditors for its subsidiaries M-Precision Centre Pte Ltd and Fotronics Inc (S) Pte Ltd, were still finalising the audited accounts.

“Fotronics foresees that they would be able to submit audited financial statements for March 31 by end-August,” it said.

Meanwhile, Ho Hup announced it had submitted its outstanding financial statements and the annual audited accounts for FY07 – due on or before April 30 – to Bursa yesterday. As for the quarter ended March 31, the company said it could only announce the accounts in August.

Wimems said it was still finalising the annual report for FY07 and it endeavoured to issue the report by Sept 30.

 GPLUS :  [Stock Watch]  [NewsLFECORP :  [Stock Watch]  [News]

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