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PN17 firm Top Builders announces voluntary resignation of auditor

KUALA LUMPUR (Aug 10): Practice Note 17 (PN17) company Top Builders Capital Bhd said on Thursday (Aug 10) that its external auditor, Kreston John & Gan, has resigned on a volunary basis.
Kreston John & Gan’s term of office will end 21 days after the resignation notice date of Aug 9 in line with the Companies Act 2016, said the piling and engineering company in a bourse filing. 
Top Builders said it will announce its new auditor in due course once the appointment is finalised by the company.
On Aug 3, the PN17 company said it has submitted an appeal to Bursa Securities over the rejection of its application for a further extension of time until Dec 29 to submit its regularisation plan and over the delisting of Top Builders.
Under the Main Market Listing Requirements, Top Builders was to be delisted from Aug 8 unless an appeal was submitted by Aug 3.
Top Builders fell into PN17 status in January 2022, when its external auditor KPMG PLT expressed doubts in the company’s ability to continue as a going concern as its current liabilities exceeded its current assets by RM21.6 million. At the time, the company’s equity on a consolidated basis was less than 25% of its share capital.
Trading in Top Builders’ shares was suspended on Nov 8 last year pending the submission of the company’s annual report for the year ended June 30, 2022 and quarterly financial report for the periods ended Sept 30, 2022, Dec 31, 2022, and March 31, 2023. The company has now submitted the outstanding financial reports, but the counter remains suspended over its failure to submit the regularisation plan.
Top Builders’ shares were last traded at 0.5 sen, giving the company a market capitalisation of RM4 million.
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Source: EdgeProp.my

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