Handal Energy auditor resigns as annual report remains overdue
The company’s latest target for issuing its 2025 annual report is Oct 28, while its shares remain suspended.
Handal Energy Bhd has accepted the resignation of statutory auditor SBY Partners PLT following the company’s notice that it intended to appoint another firm. In a Bursa Malaysia filing, Handal Energy said its board was unhappy with progress on the audit, which has held up its 2025 annual report.
The company communicated its replacement intention in a letter dated Oct 18, 2026. Beyond the matters disclosed, the board said it knew of nothing else concerning the resignation that required shareholders’ attention.
Handal Energy is now aiming to publish the overdue report by Oct 28 after repeatedly changing its submission target, including an earlier Oct 15 deadline. Its shares have been under trading suspension since May 11 following its failure to meet the original April 30 submission deadline.
Separately, the company moved its financial year end to Nov 30, 2026, replacing Dec 31, 2025. This creates a 29 months reporting period beginning July 1, 2024. It said the adjustment was intended to improve operational efficiency and cash flow management, while allowing auditors more time outside peak audit periods.
Handal Energy previously named audit work on Tenzin Heavy Machinery (M) Sdn Bhd as a major factor behind the delay. Its 30% equity interest in Tenzin is consolidated as a subsidiary because of control. Tenzin’s separate auditor supplied the signed financial statements to the group auditor on July 30.
In its Oct 15 update, Handal Energy said it had provided information on 11 matters raised by auditors. Further requests followed for legal updates, documents concerning events after the reporting period, bank statements, salary and statutory contribution records, and a subsidiary’s debtor ageing report.
