Top Builders share trade suspension continues; fails to submit quarterly report

• The piling and engineering firm also faces delisting if it fails to issue its outstanding financial statements within six months, according to its filing on Thursday (June 1).

KUALA LUMPUR (June 1): Trading suspension of Top Builders Capital Bhd will continue until further notice, as the group failed to file its quarterly report for the financial period ended March 31, 2023, with Bursa Securities by the May 31 deadline.

The piling and engineering firm also faces delisting if it fails to issue its outstanding financial statements within six months, according to its filing on Thursday (June 1).

The group, whose shares have been suspended since November last year, has also failed to publish its unaudited quarterly report for the period ended Sept 30 and Dec 31, 2022.

Last week, its external auditor Kreston John & Gan flagged significant doubts over the group’s future in an audit of its financial statements for the financial year ended June 30, 2022 (FY2022), saying that it was unable to obtain sufficient appropriate audit evidence regarding the feasibility of the group’s plan to regularise its financial condition by June 29.

The auditor also pointed to the group's and the company’s accumulated losses of RM53.35 million and RM77.65 million respectively in FY2022. As at end-June, the group’s and the company’s current liabilities exceeded their current assets by RM109.63 million and RM31.75 million respectively.

Top Builders had slipped into Practice Note 17 status on Dec 30, 2021.

The group’s shares last traded at two sen. Its market capitalisation stood at RM14.12 million.