KUALA LUMPUR (July 30): Pestec International Bhd (KL:PESTEC) said Bursa Securities has given the company until Aug 7 to submit its annual report for the financial year ended March 31, 2025 (FY2025), failing which the trading of its shares would be suspended the following day.
The loss-making engineering company has failed to submit its annual report — including annual audited financial statements, as well as the auditors’ and directors’ reports — to Bursa Securities for public release within the stipulated timeframe by July 31.
In a bourse filing on Wednesday, Pestec said the delay was due to the “new management’s ongoing review of information and documents necessary to complete the audited financial statements”.
“The company expects to issue and submit its annual report 2025, together with its financial statements on or before Aug 7,” it said.
Under Bursa Securities’ Main Market listing requirements, trading in Pestec’s securities will be suspended if the company fails to issue its FY2025 annual report within five market days, that is by Aug 7.
“The suspension shall take effect on the next market day after the suspension deadline (Aug 8) and will be uplifted on the market day following the issuance of the annual report 2025, together with its financial statements, unless otherwise determined by Bursa Securities,” said Pestec.
The company may also face the risk of delisting if it fails to issue the outstanding annual report within six months of the deadline.
The delay comes amid a recent boardroom shake-up and legal dispute within the company. On July 18, Pestec announced the immediate removal of its group chief executive officer Paul Lim Pay Chuan after he refused to return to work, following a dispute over alleged constructive dismissal — which the company denied.
Pay Chuan, who had earlier filed a representation under Section 20 of the Industrial Relations Act, has since been redesignated as a non-executive director. His uncle, former deputy chairman Lim Ah Hock, was also redesignated as a non-executive director the same day.
Shortly after, the duo filed a lawsuit against Pestec seeking a combined RM17.52 million in alleged unpaid advances. The High Court has fixed case management for Aug 4.
The legal dispute came after a restricted share placement at the end of last year, which saw Dhaya Maju Infrastructure (Asia) Sdn Bhd (DMIA) emerge as the new controlling shareholder of Pestec, with a current stake of 61.39%. The exercise diluted Pay Chuan’s direct shareholding to 4.52%, resulting in him ceasing to be a substantial shareholder.
Shares in Pestec finished unchanged at 15 sen on Wednesday, giving the company a market capitalisation of RM397.30 million.