PETALING JAYA: FSBM Holdings Bhd, an information technology service and systems provider, has now been classified as an affected listed issuer due to not having a significant business or operations.
FSBM is required to regularise its condition within 12 months, submit a regularisation plan to the Securities Commission Malaysia (SC) if the regularisation plan will result in a significant change in the business direction or policy; or submit a regularisation plan to Bursa if the plan will not result in a significant change in the business direction or policy.
“The company is looking into formulating a regularisation plan to address its affected listed issuer status and will make the necessary announcement on the regularisation plan in due course,” it said.
According to the filing, Bursa may suspend trading of FSBM shares and delist the company in the event the company fails to submit a regularisation plan to the authorities; fails to obtain the approval from any of the regulatory authorities; fails to implement its regularisation plan within the time frame or extended time frame stipulated.
On Oct 10, FSBM said its auditors Ernst & Young had resigned with effect from Sept 13. The resignation was voluntary as the company wished to appoint other auditors.
FSBM has also yet to submit its annual report for its financial year ended June 30, as outstanding issues relating to the recoverability of certain trade and other receivables have not been resolved to-date.
“Management is actively undertaking measures to resolve the above outstanding issues to expedite the issuance of the Annual Report 2018 by Oct 30, 2019 pursuant to Bursa’s decision via its letter dated Aug 9, 2019 to defer the delisting of the securities of FSBM provided FSBM issues its Annual Report 2018 on or before Oct 30, 2019,” the company said in a separate filing on Sept 27.
