Categories: MarketsNews

Top Builders shares remain suspended amid quarterly report delay

Top Builders Capital Bhd has announced that the trading suspension on its shares will continue due to the company’s failure to submit its quarterly reports for the financial periods ending on September 30, 2022, and December 31, 2022.

In a filing with Bursa Malaysia today, Top Builders stated that the unaudited quarterly report is still pending finalisation, leading to the delay in its submission.

The trading of the company’s shares has been suspended since November 8, 2022.

The external auditor, Kreston John & Gan, expressed significant doubts about the company’s future in their audit, citing concerns about Top Builders’ plan to improve its financial condition and the accumulation of losses and liabilities exceeding assets.

The auditor also highlighted inaccuracies in scheme of arrangements adjustments and incomplete legal documents.

Top Builders acknowledged the auditor’s concerns and stated that the new management team would address the issues raised. –TMR

Dayang Norazhar

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