Scomi faces suspension if it doesn't issue annual report by Friday

KUALA LUMPUR (Nov 3): Trading of shares in Scomi Group Bhd will be suspended from next Monday unless the group manages to issue its annual report for the year ended June 30, 2020 (FY20) by Friday.

In a statement today, Bursa Securities said Scomi had failed to issue its FY20 annual report, that includes the annual audited financial statements together with the auditors' and directors' reports, for public release by Oct 30 as required by the listing rules.

"If a listed issuer fails to issue the outstanding financial statements within five market days after the expiry of the relevant time frame... Bursa Securities shall suspend the trading in the securities of such listed issuer," said Bursa.

As such, if Scomi is unable to submit the outstanding annual report by Nov 6, it will be suspended with effect from Nov 9 until further notice, Bursa said.

If Scomi fails to issue the annual report within six months from Nov 6, delisting procedures will be commenced against the group, it added.

Scomi's share price was trading 0.5 sen or 20% lower at two sen in afternoon trading, for a market capitalisation of RM21.88 million.