KUALA LUMPUR (Oct 27): HB Global Ltd (KL:HBGLOB) expects to miss the Oct 30 deadline to issue its annual report following the withdrawal by its external auditor and the rejection of its appeal to change its financial year end.
As a result, it faces the risk of seeing trading in its shares suspended from Nov 10, the Singapore-based company said in a filing with Bursa Malayia on Tuesday.
HB Global said UHY Malaysia PLT's decision to withdraw as auditor had affected the completion of the audit and finalisation of the annual report for the year ended June 30, 2026 (FY2026), which is due by Oct 30.
HB Global had sought approval from Singapore’s Accounting and Corporate Regulatory Authority (ACRA) to change its financial year end from June 30, 2026, to Nov 30, 2026. However, ACRA rejected the application on Oct 20 and subsequently turned down the company’s appeal on Oct 27.
Following this, HB Global remains subject to the original reporting deadline, the company said, adding that it would be unable to complete the audit and financial reporting processes in time.
Under Bursa Malaysia Securities’ Main Market Listing Requirements, trading in the company’s securities will be suspended if it fails to issue the annual report within five market days after the Oct 30 deadline. This means the suspension will take effect on Nov 10.
Trading will resume on the market day after the outstanding annual report is issued.
The stock exchange may also initiate delisting procedures if HB Global fails to issue the report within six months after the reporting deadline.
Steps to resolve audit delay
HB Global said it is liaising with the relevant professional advisers to appoint suitable auditors and complete the outstanding audit.
However, the company said it was unable to provide a definitive timeline, as this would depend on the finalisation of the audit arrangements and the time needed to complete the audit and annual report.
HB Global is an export-driven gourmet convenience food specialist focused on ready-to-serve duck meat products under original equipment manufacturer and house brands, including Geleifu, Hengbao Food and The Four Seasons Farm.
Its shares last traded at three sen, giving the company a market capitalisation of RM25.8 million.