InstaForex

October 27, 2021

Stock Trading Will Be Suspended, SCIB Declines Sharply!

 Shares of Sarawak Consolidated Industries Bhd (SCIB) plunged sharply after an application for an extension of time (EOT) to complete the 2021 financial annual report was rejected by Bursa Malaysia.


As such, trading of SCIB shares will be suspended on November 9 until further notice, the company said in a statement issued yesterday.


Earlier, the company had applied for an EOT until 31 December this year to complete its audit of the financial statements for the year ended 30 June 2021 for inclusion in the 2021 annual report.


This was made following it being affected by the exchange of external auditors and movement restrictions in Malaysia and abroad due to the Covid-19 pandemic.



Group Managing Director and Chief Executive Officer Rosland Othman said SCIB had done its best to comply with the relevant regulations and meet deadlines.


However, they were unable to meet the date even with the new auditor, Nexia SSY PLT fully committed to completing the audit.


Although his application was rejected, he said the updated rates were submitted to the Exchange on the same day.


Around 3.22pm, SCIB shares fell 28.40% or 12 sen to 29 sen with a market value of 166.37 million.