KUALA LUMPUR (Aug 12): China Automobile Parts Holdings Ltd (CAP) has been granted further extension of time of up to Sept 30 to submit its regularisation plan to the regulatory authorities.
In a bourse filing on Friday (Aug 12), the company said it received the extension from Bursa Securities on Thursday.
CAP shares have been suspended from trading since June 8, 2017, after it failed to release its financial reports within stipulated time. To date, the company still has not issued its outstanding 2017 and 2018 annual reports, after it last reported a net loss of RM77.12 million for the financial year ended Dec 31, 2016 (FY16).
It slipped into Practice Note 17 status in January 2018, after its external auditor Messrs PFK expressed an audit disclaimer of opinion in the company’s audited financial statements for FY15 on undisclosed material liabilities.
CAP said the extension of time is without prejudice to Bursa Securities’ right to proceed to suspend the trading of the listed securities of CAP, and to delist the company in the event the company fails:
- To submit its regularisation plan to the regulatory authorities on or before Sept 30;
- To obtain the approval from any of the regulatory authorities necessary for the implementation of its regularisation plan; or
- To implement its regularisation plan within the time frame or extended time frame stipulated by any of the regulatory authorities.
Upon occurrence of any of the events set out above, Bursa Securities shall suspend the trading of the listed securities of CAP on the sixth market day after the date of notification of suspension, and delist the company, subject to the company’s right to appeal against the delisting.