?The proposed project, if materialised, could provide Tan Chong Motor with opportunity to expand its foothold in the automotive industry in Vietnam,? the company said in a filing with Bursa Malaysia last Friday
KUALA LUMPUR: Tan Sri Halim Saad disposed of 62.748 million shares of Sumatec Resources Bhd at an average price of one sen each on Jan 18, which was an all-time low for the shares.
A filing with Bursa Malaysia on Wednesday showed he sold the shares of the oil and gas services company for RM627,480.
The disposal reduced his shareholding in the company, which is under the Practice Note 17, to 332.04 million shares or 7.80%.
On Dec 20 last year, he disposed of 54.39 million shares for RM543,900.
This could have triggered the plunge in its share price when it tumbled 33% or 0.5 sen to one sen on Dec 24.
In the first nine months to Sept 30, Sumatec posted a net loss of RM1.91mil on revenue of RM2.98mil.
To recap, in late September last year, Bursa Malaysia Bhd
, the stock exchange operator, instructed the entire board of directors to attend a training programme after the company failed to undertake a proper assessment of its financial accounts.
The oil and gas company was also publicly reprimanded by Bursa Malaysia.
Sumatec had reported an unaudited profit attributable to the owners of the company of RM27.37mil in the fourth quarter ended Dec 31, 2016 (QR Dec 2016) on Feb 28. 2017.
However, the company reported an audited loss attributable to owners of the company of RM62.018mil in the audited financial statements for the financial year ended Dec 31, 2016 (AFS 2016) announced on April 28, 2017.
The difference of RM89.39mil between the QR Dec 2016 and AFS 2016 represented a variance of 326.6%.
“Sumatec had failed to ensure that the QR Dec 2016 took into account the adjustments announced on Apr 28, 2017,” Bursa Malaysia said in the statement.
The adjustments, Bursa Malaysia said, were mainly due to the company’s failure to undertake proper and reasonable assessment and make provision for liabilities of RM71.415mil and additional impairment of assets of RM10.343mil in accordance with the relevant accounting standards.
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