KUALA LUMPUR (Jan 30): Reneuco Bhd said it was unable to release its annual report for the financial year ended Sept 30, 2023 (FY2023) by Jan 31 as required under the listing rules.
The renewable energy specialist attributed the delay in the issuance of the report to additional time needed by the external auditor to complete its audit.
"The company is working with the external auditor to finalise the audit expeditiously," said Reneuco in a bourse filing on Tuesday, adding that it expects to issue the report by March.
The company at the same time is "working towards" the Feb 8 deadline, it said, referring to the date by which it must submit the annual report to avoid a suspension in the trading of its shares.
Under the Main Market Listing Requirements, Bursa Securities may suspend the trading of the company's shares if it fails to submit the report within five market days after the expiry of the relevant timeframe (Jan 31), which will be Feb 8.
“The suspension shall be effected on the next market day after the suspension deadline which is on Feb 9, 2024 and will be lifted on the market day following the announcement/issuance of the outstanding Annual Report 2023 unless otherwise determined by Bursa Securities," said Reneuco.
It added that if it fails to issue the report within six months from then, Bursa Securities may commence de-listing procedures against the company.
Reneuco has changed its name twice in the last four years. It was first called Kumpulan Powernet Bhd, before changing its name to KPower Bhd.
The company incurred a net loss of RM125.05 million in its July-to-September 2023 quarter on the back of revenue of RM4.57 million. The loss was dragged by an impairment of RM132.53 million.
Reneuco had changed its financial year end to Sept 30 from June 30, “to facilitate the board to implement the group's ongoing business regularisation to better reflect the group's existing various businesses, structure and financial standing in line with expected corporate governance of a public listed company”.
Shares in Reneuco closed down 0.5 sen or 3.13% to 15.5 sen, giving the company a market capitalisation of RM174 million.
Over the past one year, the counter has fallen 49%.