Kanger faces trading suspension after accounts extension rejected
Trading could be suspended at 9am on Nov 10 if Kanger misses the Nov 6 cut-off for submitting its interim audited financial statements.
Kanger International Bhd said Bursa Malaysia Securities had turned down its application to extend the deadline for its interim audited financial statements to Dec 31, leaving the company facing a possible trading suspension.
The accounts cover a 21-month financial period beginning Oct 1, 2024 and ending June 30, 2026. In its filing, Kanger said the original submission deadline was Oct 31.
According to Kanger, failure to submit the accounts by Nov 6, five market days after the deadline, would trigger a suspension. It is scheduled for 9am on Nov 10 unless Bursa Securities decides otherwise, as Nov 9 is a public holiday for Deepavali.
The delay relates to audit work by Morison LC PLT, which was appointed on Sept 4 following the resignation of SBY Partners PLT. Kanger said Morison's written assessment dated Oct 8 indicated that completion was tentatively expected by Dec 31.
The company said management and finance staff would supply the records and supporting information required by Morison, address outstanding audit queries and coordinate the remaining work. Its board would track the timetable and notify Bursa Securities and shareholders of material developments.
Kanger also said it had maintained its unaudited quarterly reporting. Its shares ended Wednesday unchanged at 1.5 sen, valuing the company at RM15.3 million.
