Trading of Ageson securities to be suspended from May 10 until further notice

• Last week, Ageson said it needed additional time to identify suitable auditors following the resignation of STYL Associates PLT as its auditor in February due to resource constraints.

KUALA LUMPUR (May 2): Trading in the securities of Ageson Bhd will be suspended from next Wednesday (May 10) until further notice, after the builder-cum-property developer failed to issue its annual report for the year ended Dec 31, 2022 on time.

The Main Market-listed company failed to file its annual report by the April 30 deadline, according to a filing with Bursa Malaysia on Tuesday (May 2).

According to Bursa's Main Market listing requirements, if a listed issuer fails to submit the annual report within five market days after the deadline, its shares will be suspended on the sixth trading day.

De-listing shall be commenced against a listed issuer if it fails to submit the annual report within six months of the deadline.

Last week, Ageson said it needed additional time to identify suitable auditors following the resignation of STYL Associates PLT as its auditor in February due to resource constraints.

On April 7, the company proposed a one-to-one share exchange of its entire issued share capital of up to 565.94 million shares and 254.28 million irredeemable convertible preference shares (ICPS) for new shares and ICPS in Afton Bhd, as part of an internal reorganisation by way of a members scheme of arrangement.

Ageson also proposed to transfer its listing status to Afton, which was incorporated in Malaysia on March 17 with Muhammad Badrun Al-Muhaimin Baharon and Muhammad Ritzwan Roslan as its directors, each of them owning one share.

During the implementation of the proposed share exchange, the board of Afton will be appointed to mirror the board of Ageson, while the current directors of Afton would resign.

Through the internal reorganisation, Afton will become the investment holding vehicle assuming the listing status of Ageson, while Ageson will continue to operate the construction, property development and investment holding businesses.

As at March 31, Ageson’s single-largest shareholder is executive director (ED) Datuk Seri Chin Kok Foong, who had a 15.16% stake, followed by ED Datuk Seri Liew Kok Leong, who owned a 9.33% direct interest and an indirect 6.23% via Ukay One Sdn Bhd.

The company has changed its financial year end from June 30 to Dec 31. For the quarter ended Dec 31, 2022, the company registered a net loss of RM165.95 million on revenue of RM52.17 million.  

Ageson’s share price fell 11.11% or half a sen to four sen at the time of writing on Tuesday, valuing the company at RM11.22 million. The counter has depreciated 80.95% since the beginning of this year.