Global Carriers fails to issue audited financial statements, shares to be suspended tomorrow

Business & Markets 2013
Written by Kamarul Anwar of theedgemalaysia.com
Monday, 06 May 2013 18:39
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KUALA LUMPUR (May 6): Global Carriers Bhd’s will be suspended
from trading effective tomorrow as it was unable to issue its annual
audited financial statements (AAFS) today, which was the fifth market
day after it was supposed to do so.
In a filing to Bursa Malaysia Monday, the shipping freight company said
its failure to issue its AAFS for the financial year ended December 31,
2012 (FY12) stemmed from its external auditors expressing concerns
that they had not been able to obtain sufficient audit evidence to form an
opinion for the statements.
Thus, the concerns had created unresolved significant audit queries in
the Global Carriers’ accounts, which brought to the attention of its audit
committee and board of directors.
Consequently, Global Carriers said, “Bursa shall suspend trading in the securities of the company on the next market day
after the expiry of five market days from the relevant timeframe and the suspension will be uplifted on the next market day
following the issuance of the outstanding AAFS unless otherwise determined by Bursa.”
The company said its counter’s suspension will begin tomorrow and will issue the AAFS by May 31, 2013, once further
information on the significant audit queries has been obtained.
Global Carriers was supposed to issue its FY12 AAFS by April 30 of this year, or within four months from the close of the
financial period.
According to Paragraph 9.28(5) of the Main Market Listing Requirements, a listed company which fails to issue the AAFS
within five market days after the given timeframe will see trading of its shares suspended.
Bursa could also take any other enforcement action apart from suspending the company’s counter.