China Automobile Parts’ trading suspension continues for failing to submit 2Q results

This article first appeared in The Edge Financial Daily, on September 6, 2017.

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KUALA LUMPUR: Troubled China Automobile Parts Holdings Ltd (CAP) said it has failed to submit its financial report for the second quarter ended June 30, 2017 (2QFY17) to Bursa Securities for public release within the stipulated time frame.

This marks the second consecutive quarter that CAP did not submit its financial report. CAP shares have been suspended from trading since June 8 after it failed to release its 1QFY17 report by May 31.

“As the company’s shares have been suspended from trading since June 8, the trading suspension of CAP will continue until further notice,” said CAP in a filing with Bursa Malaysia yesterday.

Bursa Securities on June 16 directed CAP to have its outstanding quarterly report for 1QFY17 reviewed by its external auditor, after its auditor PKF Malaysia Sdn Bhd withdrew its opinion on the company’s audited accounts for the financial year ended Dec 31, 2015 (FY15), citing CAP’s failure to disclose several litigation cases involving a subsidiary.

The auditor also raised concerns in respect of CAP’s FY16 financial statements.

On July 14, CAP was also directed to reissue its audited financial statements for FY15 by Jan 4, 2018, failing which Bursa Securities will commence delisting procedures against CAP.

The counter was last traded at one sen apiece, with a market capitalisation of RM13.62 million for the loss-making company.
 

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