Bank Islam Brunei Darussalam, aims to raise as much as US$500mil (RM2.13bil) in an IPO on Bursa Malaysia.
KUALA LUMPUR: R&A Telecommunication Group Bhd and Wintoni Group Bhd have been unable to submit their annual reports for the financial year ended Dec 31, 2015 by the April 30 deadline.
Bursa Malaysia Securities said on Friday if the companies fail to issue the outstanding financial statements within five market days after the suspension deadline, trading will be halted the next day.
The suspension shall be effected on the next market day after the suspension deadline.
The regulator said if both companies were unable to submit the 2015 annual report on or before May 9, trading would be suspended from Tuesday until further notice.
It warned that 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, delisting procedures shall be commenced against such listed issuer.
R&A is involved in telecommunications while Wintoni designs industrial automation systems and offers mobile platform services.
On Wednesday, R&A announced plans to acquire a shipping company which is 49% owned by oil and gas firm Sumatec Resources Bhd for RM150mil.
The acquisition is part of the loss-making telecommunications company’s regularisation plan to maintain its listing status.
In May last year, R&A Telecommunication triggered the Guidance Note 3 (GN3) of the ACE Market Listing Requirements of Bursa Malaysia Securities Bhd.
The GN3 criteria was triggered when the auditors expressed a disclaimer opinion in the company’s audited financial statements for the financial year ended Dec 31, 2014.
R&A announced that it had to submit to Bursa Securities a regularisation plan and obtain Bursa Securities’ approval to implement the plan within 12 months.
In its fourth quarter ended Dec 31, 2015, the company said its prospects in the telecommunications industry was limited to poor access to funds.
As for Wintoni, the loss-making automation system designer announced on April 6 its chief financial officer Kong Chin Lam and the three independent directors who made up its entire audit committee have resigned, citing “personal reasons
In February, the company was classified as a Guidance Note 3 company as its shareholders’ equity on a consolidated basis is 25% or less of its issued and paid-up capital based on the unaudited consolidated quarterly results for the period ended Sept 30, 2015.
Wintoni posted an unaudited net loss of RM49.8mil for the year ended Dec 31, 2015, compared with a net profit of RM4.6mil achieved in the preceding year.
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