KUALA LUMPUR (Oct 29): Technology company Techna-X Bhd (KL:TECHNAX) said it is unable to release its annual report for the financial period ended June 30, 2024 to Bursa Securities and shareholders by Thursday (Oct 31). It did not disclose the reason why.
This includes the annual audited financial statements together with the auditors’ and directors’ reports.
In a filing with Bursa Malaysia on Tuesday, Techna-X said pursuant to Bursa Securities' Main Market listings requirements, trading in Techna-X's securities will be suspended if the company fails to issue the annual report 2024 within five market days, that is, Nov 7.
"The suspension will take effect on the next market day, that is, Nov 8, and will be uplifted on the market day following the issuance of the Annual Report 2024, together with its financial statements. But if the company fails to announce/issue the outstanding Annual Report 2024 within six months, Bursa Securities will commence de-listing procedures against the company," it added.
On Oct 3, Techna-X had called off plans to develop an 85-acre microalgae farm and produce algae biofuel following the mutual termination of a tripartite agreement with MYKO Global Sdn Bhd and RTA E&C Sdn Bhd. The project, first announced in June 2023, would have involved a US$120 million (RM577.4 million) investment from Techna-X.
Under the initial plan, MYKO was to provide the technology and patents to manage the production facility, and RTA E&C was to be the engineering, procurement, construction and commissioning contractor for the project. Meanwhile, Techna-X was to be the investor and Internet of Things technology partner for Malaysia and East Africa.
For the 18 months ended June 30, 2024, Techna-X posted a net loss of RM17.69 million on revenue of RM94.6 million. Its financial year end has been changed from Dec 31, 2023 to June 30, 2024 for the financial period 2023.
Techna-X shares closed unchanged at 11.5 sen on Tuesday, giving it a market capitalisation of RM27.6 million. The stock has fallen 61.67% so far this year.