SCIB says will miss month-end deadline to submit annual statement, shares risk suspension 


KUALA LUMPUR: Sarawak Consolidated Industries Bhd said it won't be able to meet the month-end deadline to submit its audited financial statement and annual report for year ended June 30, 2021.

The company had on Oct 8 applied to Bursa Securities for an extension of time until the end of the year.

The application was rejected by the stock exchange operator on Monday.

Under the stock exchange's rules, listed companies must submit their audited annual financial results and annual reports within four months of their financial year end.

"We had on Oct 25 submitted an appeal to Bursa Securities and this announcement is subject to the approval of the appeal," SCIB said in a filing today.

SCIB said it was unable to meet the deadline due to the change of external auditor and the impact of restrictions in movement in Malaysia and overseas arising from the COVID-19 pandemic.

SCIB's previous auditor KPMG resigned in late July and was replaced by Nexia in mid-August.

"In the light of approved standards on accounting and auditing, the Company opined that the auditor should be given adequate time to perform their statutory obligations without interference and time constraints to ensure audit works can be conducted effectively and sufficiently," SCIB said today.

"The auditor has stated in their audit plans that the audited financial statement can only be finalised in December 2021," it added.

As the result. shares in SCIB are at risk of being suspended from trading five days after the deadline has passed.

Despite the "dilemma circumstances," SCIB said it "has decided to uphold the compliances with the approved auditing and accounting standards by allowing the auditor to perform their duties without interference and time constraints."

"The Company will work with its external auditor to expedite the finalisation of audit of the AFS 2021 and to issue the Annual Report 2021 as soon as possible before the end of December 2021," it said.

"The expected date of issuance of the outstanding Annual Report 2021 is Dec 31, 2021," it added.

Shares in SCIB fell 2 sen to 40 sen on Tuesday.

On Monday, Serba Dinamik Holdings Bhd, which also appointed Nexia in August after auditor KPMG resigned, was given an extra one month by the Bursa Securities to submit its audited books.

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