KUALA LUMPUR (Feb 8): Reneuco Bhd was classified as a Practice Note 17 (PN17) affected listed issuer on Thursday, after the company triggered the prescribed criteria pursuant to Paragraph 2.1(d) of PN17 of Bursa Malaysia Securities Bhd.
Reneuco became a PN17 company based on the criteria that its auditors had expressed an adverse or disclaimer opinion on its unaudited consolidated financial statements for the period ended Sept 30, 2023, which were announced on Thursday.
In the 2023 annual report released by Reneuco on Thursday, its external auditor Al Jafree Salihin Kuzami PLT entered a disclaimer of opinion as it could not obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on the group’s financial statements.
“We do not express an opinion on the accompanying financial statements of the group and of the company.
“Because of the significance of the matters described in the 'Basis for Disclaimer Opinion' section of our report, we have not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial statements.
Shares in Reneuco ended two sen or 40% higher at seven sen on Thursday, with 49.53 million shares transacted, and a market value of RM78.54 million. Over the last one year, the counter has lost 75% of its value from its closing price of 28 sen on Feb 9, 2023.