Wintoni fails to submit annual report on time, shares to be suspended tomorrow

by **Cals** Tue 10 May 2016, 10:20

Wintoni fails to submit annual report on time, shares to be suspended tomorrow

By Supriya Surendran / theedgemarkets.com | May 9, 2016 : 5:58 PM MYT

KUALA LUMPUR (May 9): Guidance Note 3 (GN3) company Wintoni Group Bhd told the exchange today that it has failed to submit its annual report for the financial year ended Dec 31, 2015 within the stipulated time frame.

Bursa Malaysia had earlier cautioned that the company's shares will be suspended with effect from 9am tomorrow (May 10) if it fails to submit its annual report by today, which is five market days after its initial stipulated time frame for submission (April 30).

If the company fails to issue the outstanding financial statements within six months from the expiry of the relevant time frames, in addition to any enforcement action that Bursa Securities may take, delisting procedures shall commence.

To recap, the company had also failed to submit its third quarter ended Sept 30, 2015 (3QFY15) financial results on time, due to a loss of data following a break in at its office. Wintoni then submitted its 3QFY15 results to the stock exchange on Feb 26 this year.

As a result of its tardiness in submitting its 3QFY15 results, Wintoni's shares were suspended since Dec 8 last year, and only resumed trading when it submitted its accounts on Feb 26.

Wintoni triggered the GN3 company criteria when the shareholders' equity of the company on a consolidated basis was less than 25% of its issued and paid-up capital, based on its 3QFY15 results.

Its chief financial officer (CFO) Lam Kong Chin had resigned on March 31, citing personal reasons. He had been the CFO of the group since Oct 2013.

The company had not announced the appointment of a new CFO since Lam's departure.

Wintoni shares were actively traded today, with 35.35 million shares changing hands. The counter ended the day down 0.5 sen or 16.7% to 2.5 sen for a market capitalisation of RM17.96 million