KUALA LUMPUR (Feb 6): Bursa Malaysia has warned Reneuco Bhd that its shares will be suspended if it fails to submit its annual report for the financial year ended Sept 30, 2023, by Feb 8.
In a filing on Tuesday, Bursa noted that Reneuco had already failed to submit the annual report by Jan 31, which was the last date of submission under the listing rules. Following that, the renewable energy specialist was given another five market days to submit the report or risk being suspended.
Additionally, if Reneuco fails to issue the report within six months from Feb 8, de-listing procedures may be commenced against the group.
On Jan 30, Reneuco said it was unable to release the annual report within the stipulated time frame, as its external auditor needed more time to complete its audit. It added that it was "working towards" the Feb 8 deadline to avoid a suspension in the trading of its shares.
The group 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 group incurred a net loss of RM125.05 million in its July-September 2023 quarter on the back of revenue of RM4.57 million. The loss was dragged by an impairment of RM132.53 million.
Shares in Reneuco closed down 1.5 sen or 15.79% to eight sen, giving the group a market capitalisation of RM89.76 million. Over the past one year, the counter has fallen 73.33% from 30 sen on Feb 7, 2023.