Tuesday 06 Jun 2023
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KUALA LUMPUR (Nov 3): Bursa Malaysia warns Sarawak Consolidated Industries Bhd (SCIB) that the stock exchange will suspend the construction firm’s securities from trading starting next Tuesday (Nov 9) if it is unable to submit its annual report for the year ended June 30, 2021 (FY21) by next Monday.

The regulator is giving the Sarawak-based precast concrete product maker five trading days from Oct 31 to issue its annual report, failing which will result in the suspension of trade of SCIB's securities, according to a bourse filing by the company. 

SCIB’s share price more than halved in roughly three weeks, falling from 50.5 sen on Oct 12 to 19.5 sen on Wednesday [Nov 3]. 

To recap, Bursa on Oct 25 rejected the company’s application for an extension of time (EOT) until Dec 31 to issue its annual report for FY21.

SCIB explained in the earlier filing that the change in external auditor and the impact of movement restrictions in Malaysia and overseas due to Covid-19 have hindered its efforts to finalise and issue the annual report.

This is the second company controlled by businessman Datuk Dr Mohd Abdul Karim Abdullah that faces compliance issues with the stock exchange. 

SCIB’s sister company Serba Dinamik Holdings Bhd’s shares and warrants are currently suspended from trading as the stock exchange insists that it failed to furnish material information to update on the special audit review conducted by Ernst & Young (EY) on its financial accounts.

The company denied that its directors had been given a “factual findings update” by EY.

Edited ByKathy Fong
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