SM Track to be suspended from Thursday

UOB Kay Hian Malaysia Research expects Malaysian equities to be energised in 1H17 by a firmer ringgit and general election buzz.

KUALA LUMPUR: Trading in SM Track Bhd will be suspended with effect from Thursday after the company, failed to submit its annual report for the financial year ended July 31, 2016 (2016 AR) within the timeframe.

Bursa Malaysia Securities said on Wednesday SM Track, formerly Smartag Solutions Bhd, did not submit the report for public release within the stipulated timeframe, which was Nov 30, 2016  under Rule 9.23(1) of Bursa Securities' ACE Market Listing Requirements.

SM Track provides online track and trace solutions and platforms using its radio frequency identification technology.

Bursa Securities said if a listed issuer fails to issue the outstanding financial statements within five market days after the expiry of the relevant timeframe, it shall suspend the trading in the securities of such listed issuer. 

“The suspension shall be effected on the next market day after the suspension deadline,” it said.

SM Track also faces delisting if it 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.