Bursa rejects CSL’s extension request

by **Cals** Wed 02 Jul 2014, 23:09

Business & Markets 2014

Written by Wei Lynn Tang of theedgemalaysia.com

Wednesday, 02 July 2014 10:02

KUALA LUMPUR: Bursa Malaysia has rejected China Stationary Ltd’s (CSL) request for another one-month extension to submit its audited financial statements for the financial year ended Dec 31, 2013 (FY13).

CSL’s FY13 audited financial statements were originally due for submission on April 30, but the company missed the deadline. It obtained a two-month extension from Bursa to submit the statements by June 30, but later sought a further one-month extension to July 31, which was rejected.

According to CSL, the rejection letter stated that if it fails to issue the FY13 audited financial statements within five market days from the expiry of the extended deadline on July 8 Bursa shall suspend trading in the securities of CSL. This is in addition to any enforcement action that the exchange may take, Bursa added.

“The suspension shall be effected on the market day following the expiry of the extension deadline, and shall be uplifted on the market day following the issuance of the FY13 audited financial statements, unless otherwise determined by Bursa Securities,” CSL stated.

Additionally, if CSL fails to issue the FY13 audited financial statements within six months from the expiry of the extended deadline being June 30 — presumably at end-December — “delisting procedures shall be commenced against CSL”.

Meanwhile, CSL still has until July 31 to submit its first quarterly report for the financial period ended March 31, 2014 (1Q14), which was originally due on end of May.

The firm had said it was unable to submit its financial statements on time as the financial records and the company legal stamps housed in the administration office were destroyed by fire.

This article first appeared in The Edge Financial Daily, on July 2, 2014.