Bursa rejects China Stationery’s bid for extension of time

PETALING JAYA: Bursa Malaysia has rejected China Stationery Ltd's (CSL) application for a further extension of time of one month from an already extended dateline of July 31, 2014, for the issuance of audited financial statements for the financial year ended Dec 31, 2013 and unaudited first quarter report ended March 31, 2014.
In a filing Bursa Malaysia, CSL said if it fails to issue the 2013 audited financial statement within five market days from the expiry of the extended deadline, in addition to any enforcement action that Bursa Malaysia may take, Bursa Malaysia will suspend trading in the securities of CSL.
The suspension shall be effect on the market day following the expiry of the suspension deadline and shall be uplifted on the market day following the issuance of the 2013 audited financial statement unless otherwise determined by Bursa Malaysia.
This means that a failure to issue the accounts will result in a suspension on July 9.
If CSL fails to issue the 2013 audited financial statement within six months from the expiry of the extended deadline, in addition to any enforcement action that Bursa Malaysia may take, de-listing procedures shall be commenced against CSL.
On April 17, CSL had requested for an extension of two months to to issue its audited 2013 financial statements in view of a fire incident on April 8, 2014 at one of the company' plants in Fujian Province, China which had hampered its auditors' work.
CSL's auditors had said that they we are unable to proceed with their planned schedule to obtain walk-in bank confirmations, sight of fixed assets, as well as complete our audit fieldwork for the China subsidiaries due to the fire.
They had said that the procedures were crucial for us to issue an audit opinion on the Group's financial statements for the financial year ended Dec 31, 2013.