Quick take: SCIB shares tumble 23% on suspension risk

KUALA LUMPUR: Shares in Sarawak Consolidated Industries Bhd (SCIB) tumbled over 23% in early trade Wednesday on the risk of suspension.

The counter fell 23.46%, or 9.5 sen to 31 sen. It is currently the third most actively traded counter on Bursa Malaysia with over 44 million shares traded.

SCIB-WB fell 29.41%, or five sen to 12 sen with 17 million shares done.

Bursa Malaysia Securities has rejected SCIB’s application for an extension of time until Dec 31 to issue its annual report for the year ended June 30, 2021 (FY21).

SCIB said it has appealed against the decision to reject the request made on Oct 8.

It said it would be unable to issue the annual report by the due date of Oct 31, as the audited financial statements could not be finalised in time for inclusion in the report.

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.

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.

It said the suspension of trading of SCIB’s securities would be effected on the next market day after the expiry of five market days from Oct 31. The date of suspension of trading will be on Nov 9.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Next In Business News

Bitcoin extends downtrend, falls 12.1% to US$47,176
Perodua targets to deliver 30,000 units in December
CPO futures likely to trade higher next week
Georgieva says examining all IMF research processes to ensure integrity
Oil steadies, paring gains as rising COVID cases spur demand worries
Omicron-fuelled volatility deals hedge funds worst monthly return since March 2020
US-listed Chinese shares take a hit as Didi to exit NYSE
Didi shares plunge more than 20% on plan to delist from NYSE
Wall St ends lower on Omicron worries, Fed taper angst
Micro impact of new variant?

Others Also Read