Kinsteel shares plunge after Bursa rejected request for time extension
20 Oct 2017 / 11:39 H.
PETALING JAYA: Kinsteel Bhd's share price plunged 25% this morning, after Bursa Malaysia rejected its application to delay the issuance of its annual report 2017 by another month from October 31 to November 30.
At 11.14am, the stock, which was among the top active counters, stood at 3 sen with 7.89 million shares changing hands. Its market capitalisation stood at RM31.2 million.
Kinsteel said 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.