PETALING JAYAL Konsortium Transnasional Bhd (KTB) has triggered the PN17 status criteria after its auditors highlighted a material uncertainty related to going concern on the company’s ability to continue.
The auditors stated its concern in the company’s audited financial statements for the year ended Dec 31, 2018.
In an independent auditors report, Messrs Al Jafree Salihin Kuzaimi PLT said the group and company’s current liabilities, as indicated in the financial statements for the year ended Dec 31, 2018, exceeded current assets by RM63.07 million and RM14.10 million, respectively
“Based on the company’s quarterly report for the financial period ended Dec 31, 2019 (Q42019), the shareholders’ equity of the company on a consolidated basis is approximately 34.8% of the share capital of the company as at Dec 31, 2019,” KTB added in a Bursa filing.
As such, KTB said it is looking into formulating a plan to regularise its financial condition and an announcement will be made in due course.
