KUALA LUMPUR (Oct 30): Practice Note 17 (PN17) company Ageson Bhd (KL:AGES) said its current external auditor Messrs LTTH PLT has expressed a disclaimer of opinion on the company’s audited financial statements for the 18-month financial period ended June 30, 2024 (FPE2024).

In a filing with Bursa Malaysia on Wednesday, Ageson, a construction and property development company, said it expects to resolve the issue relating to the disclaimer of opinion within the next financial year.

“The company will work closely with the auditor to address the audit issues raised on the disclaimer of opinion for the audited financial statements for FPE2024. The company will also engage a principal adviser to advise on the formulation of regularisation plan,” it added.
 
On Oct 23, it had proposed to change the company’s name to TXCD Bhd, which is subject to the approval from its shareholders at the upcoming annual general meeting on Nov 29.

Ageson slipped into PN17 status on Nov 1, 2023, following the disclaimer of opinion by its then external auditor Messrs Jamal, Amin & Partners on the company’s audited financial statements for the 18-month financial period ended Dec 31, 2022. The concerns were related to certain audit issues that encompass transactions within the company and three other subsidiaries, namely Ageson SMSGMBH Sdn Bhd, Ageson Power Sdn Bhd and Ageson Industrial Sdn Bhd.

In May, Ageson said its consultant Virdos Lima Consultancy (M) Sdn Bhd did not find any “material adverse findings from its independent assessment”.

Ageson shares closed down one sen or 12.5% at seven sen on Wednesday, valuing the company at RM21.8 million. The stock has fallen 12.5% so far this year.
 
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