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.

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