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Ire-Tex now a PN 17 company

06 Nov 2019 / 12:57 H.

PETALING JAYA: Ire-Tex Corp Bhd has been classified as a Practice Note 17 (PN 17) company after its external auditors, Nexia SSY PLT expressed a disclaimer of opinion on the company’s financial statements for the financial year ended June 30, 2019.

Ire-Tex failed to make the first announcement in accordance with Paragraph 4.1(a) of PN17 of the Main Market Listing Requirements (LR) and comply with Bursa Malaysia Securities Bhd’s directive vide its letter dated November 5, 2019 to make the first announcement immediately in accordance with Paragraph 4.1(a) of PN17 of the Main Market LR for triggering Paragraph 2.1(d) of PN17 of the Main Market LR.

“Hence, in the exercise of the powers under Paragraph 1.03 of the Main Market LR, Ire-Tex is hereby classified as a PN17 company pursuant to PN17 of the Main Market LR with effect from November 6 and the company is required to ensure strict adherence with its obligations under PN17 of the Main Market LR,” it said in a filing with the stock exchange.

Bursa Securities said it will continue to monitor the progress of the company in respect of its compliance with the Main Market LR.

For the three-month period ended June 30, 2019, Ire-Tex posted a net profit of RM11.86 million against a net loss of RM988,000 in the same quarter a year ago.

Trading in Ire-Tex shares was suspended from 9am to 10am today. At the midday break, the stock was down half a sen to 8.5 sen on 2.12 million shares done.

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