China Stationery seeks extension for waiver request submission to regularise PN17 status

by **Cals** Tue 09 Jun 2015, 21:47

China Stationery seeks extension for waiver request submission to regularise PN17 status

KUALA LUMPUR (June 9): Loss-making China Stationery Ltd announced that it is seeking a one-month extension from the stock exchange regulator on the submission of its request for a waiver on the submission and implementation of a regularisation plan to lift its Practice Note 17 (PN17) status.
“The extension is sought as the documents and information to be submitted in support of the waiver application has yet to be finalised and the respective due-diligence working group members require additional time to finalise their reports,” said China Stationery (fundamental: 1.2; valuation: 0.9) in a filing with Bursa Malaysia this evening.
To recap, China Stationery had on July 8, 2014 fell into the PN17 category after its auditor Messrs RT LLPexpressed a “disclaimer of opinion” on its accounts for the financial year ended Dec 31, 2013 (FY13).
Under Bursa Malaysia's Rule 2.1(d) of PN17, a listed issued will be classified as PN17 if its auditor has expressed an adverse or disclaimer opinion in its latest audited financial statements.
China Stationery – which manufactures plastic filing and storage products – is among the 21 companies classified as PN17.
The stock has fallen 31% from 13 sen on Sept 12, 2014 to close at 9 sen today, giving it a market capitalisation of RM110.95 million.
(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)