Kinsteel's application to delay issuance of annual report rejected

PETALING JAYA: Bursa Malaysia has rejected Kinsteel Bhd's application to delay the issuance of its annual report 2017 by another month from October 31 to November 30.
Kinsteel explained that the reason for failing to issue the annual report was due to the delay in the audit process as the company required to settle the outstanding audit fees to the auditors before their commencement of audit on the financial statements ended June 30, 2017.
Its shares will be suspended if the company fails to submit the annual report by November 7.
Kinsteel said its auditors have commenced the audit on its financial statements since early this month and the company is in the midst of working together with the auditors to expedite the completion of the audit.
"The annual report is targeted to be issued to Bursa Securities and the shareholders by November 30, 2017," it added.
Kinsteel shares rose half a sen or 14.3% to close at 4 sen on Thursday, with some 2.07 million shares changing hands.