NPC Resources faces suspension on June 23


NPC Resources targets to release its AR 2020 to Bursa Securities not later than one week from June 15, 2021.

KUALA LUMPUR: Trading in the shares of NPC Resources Bhd faces suspension on June 23 unless it is able to issue the annual report (AR) for the financial year ended Dec 31, 2020 by on or before June 22.

Bursa Malaysian Securities said on Wednesday the Sabah-based plantation company had failed to issue the AR 2020 by the extended deadline of June 15, Tuesday.

The regulator said if a listed issuer fails to issue the outstanding financial statements within five market days after the expiry of the relevant timeframe -- the last day of the five market days which is the suspension deadline – trading of its shares shall be suspended the next market day.

“In view of the above and in the event that NPC is unable to submit the AR 2020 on or before June 22, 2021, the trading of NPC’s shares will be suspended with effect from 9am, Wednesday, June 23, until further notice, ” it said.

Bursa Securities added 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, it shall de-list the company.

On Tuesday, NPC issued a statement to Bursa Malaysia it was unable to release its annual report for FY 2020 on that date “pending finalisation of the audited financial statements for FYE 2020 from our external auditor, Messrs. Ernst & Young PLT”.

“In view of the above, NPC targets to release its AR 2020 to Bursa Securities not later than one week from June 15, 2021, ” it explained.

According to NPC’s website, it operates approximately 11, 669 hectares of plantation land of which 7, 660 hectares are located in the Sandakan region and 4, 009 hectares in the Banggi Island of Sabah.

In Kalimantan Timur, Indonesia, the group has a total plantation land area of 46, 564 hectares of which 42, 656 hectares have been issued with certificates of Hak Guna Usaha by the Indonesian authority.

For the financial year 2019, the group’s total planted hectarage in Indonesia was 17, 408 hectares, of which 3, 120 hectares were alloted to Plasma Schemes.

In the fourth quarter ended Dec 31, 2020, its net profit jumped to RM8.40mil from RM2.74mil a year ago. For FY 2020, it was still in the red with net losses of RM11mil versus RM12.24mil net loss a year ago.

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