Wednesday, January 26

SCIB shares to be suspended from November 9 onwards

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Despite the recent adverse news on the company, SCIB is committed to exhaust all efforts to ensure the company adhere to relevant regulations and meet the deadline.

KUCHING (Oct 27): Sarawak Consolidated Industries Bhd (SCIB), announced that the Extension of Time (EOT) application to complete its Annual Report 2021 was rejected by Bursa Malaysia Securities Bhd (Bursa Securities).

Therefore, the trading of SCIB shares will be suspended on November 9, 2021 until further notice.

On October 8, 2021, SCIB had sought for an EOT up to December 31, 2021, to complete its audit of the financial statements for the financial period ended June 30, 2021 of SCIB so that it can be included in the Annual Report 2021, as it was affected by the change of external auditor and the movement restrictions in Malaysia and overseas due to the Covid-19 pandemic.

In a statement, SCIB group managing director/chief executive officer, Rosland Othman said, “Despite the recent adverse news on the company, we are committed to exhaust all efforts to ensure the company adhere to relevant regulations and meet the deadline.

“Nevertheless, we are unable to meet the deadline because it is too tight, even with Nexia SSY PLT (Nexia) fully committed to finishing the audit.

“We had submitted an appeal to Bursa Securities but have received further queries from Bursa Securities on October 26, 2021 seeking some clarifications on the appeal. The updated appeal has been submitted to Bursa Securities on the same day.

“In July 2021, we have received a notice in writing from KPMG PLT on their resignation, and from then we immediately sent a Request for Proposal (RFP). However, the process of getting the new auditors, Nexia onboard is tedious, and we did our utmost to complete the process in time.

“We are fully committed to the meet the deadline given, with Nexia working tirelessly to complete the audit in accordance to the relevant accounting and auditing standards.

“Even though we are met with a setback, SCIB is not deterred. We will continue to comply with the regulations set as well as focusing on the best practice for this situation. We would like to assure everyone that our business operations will be resumed as usual, as we sort this matter.”