TH Heavy Engineering share price falls on disclaimer of opinion on financial statements

PETALING JAYA: TH Heavy Engineering Bhd's share price tumbled 13.33% this morning after the company's independent auditor Messrs Deloitte PLT expressed a disclaimer of opinion in the company’s audited financial statements for the financial year ended Dec 31, 2017.
At 11.20am, TH Heavy Engineering stood at 6.5 sen with 6.1 million shares done.
The audit firm said there are events and conditions that indicate the existence of multiple uncertainties which cast significant doubt about the ability of the group to continue as a going concern.
"We are unable to ascertain the ability of the group to achieve sustainable and viable operations to generate adequate cash flows from their operating activities and the timely and successful formulation and implementation of the entire proposed regularisation plan," Deloitte said.