FSBM fails to submit annual report, suspended from Friday

Scomi Group Bhd surprised investors when it proposed to revise its current issued share capital reduction from RM224.96mil to RM3mil from the earlier RM40mil.

KUALA LUMPUR: Trading in the securities of FSBM Holdings Bhd will be suspended with effect from 9am on Friday after it failed to submit its annual report (AR) for financial period ended June 30, 2018.

According to Bursa Malaysia Securities on Wednesday, FSBM – an information technology service and systems provider – failed to submit the AR by the stipulated timeframe, which was Oct 31.

Under Bursa Securities' Main Market Listing Requirements, if a listed issuer fails to issue the outstanding financial statements within five market days after the expiry of the relevant timeframe, it will be suspended.

“In the event that the company is unable to submit the 2018 AR on or before Nov 8, the trading in the above company's shares will be suspended with effect from 9am, Friday, Nov 9 until further notice,” Bursa Securities said.

If the company fails to issue the outstanding financial statements within six months from the expiry of the relevant timeframes, it faces delisting.

On Monday, FSBM announced to Bursa Malaysia it was unable to release to Bursa  Securities and shareholders its AR that includes the annual audited financial statements together with the auditors’ and directors’ reports for FY ended June 30, 2018.

The company said the delay was due to outstanding issues. Firstly, the finalisation of the annual audited financial statements for FY June 30, 2018 “is contingent upon the proof of the recoverability of certain trade and other receivables”.

“Management is actively discussing and resolving the above outstanding issues with the external auditors in order to complete the AR 2018 within the timeline of not later than two months from Oct 31, 2018,” FSBM said.