LAMBO Group Bhd has triggered the criteria pursuant to Rule 2.1(f) of Guidance Note No 3 (GN3) of the ACE Market Listing Requirements of Bursa Securities.

“Bursa Securities would like to emphasise that it will continue to monitor the progress of Lambo in respect of its compliance with the Main Market Listing Requirements,” Bursa Malaysia said in a statement.

As at Feb 2, there are a total of 28 companies under PN17 and GN3 which represent 2.94% of the total number of 951 companies listed on the Main and ACE Markets of Bursa Securities.

PN17 classification involves financially distressed companies that are listed on Bursa Malaysia’s Main Market, while GN3 status refers to distressed companies that are listed on the ACE Market.

In a separate announcement, Lambo told the stock exchange that the company is still in the middle of formulating a regularisation plan to address its financial condition and will make the necessary announcement in relation to the development on the matter.

“The company has approximately seven months to submit its regularisation plan to the relevant authorities,” it said.

Last Tuesday, Lambo Group’s external auditor expressed a disclaimer of opinion in the group’s financial statement due to a lack of audit evidence on financials relating to its subsidiary Fujian Accsoft Technology Development Co Ltd.

Auditor, CAS Malaysia PLT, expressed a disclaimer of opinion in Lambo’s financial statement for the 16 months ended Sept 30, 2022. –TMR