Top Builders plans to release outstanding quarterly report next week

• "The management team is in the midst of finalising the outstanding quarterly reports, targeting to release them by the first week of June 2023," Top Builders said in a bourse filing.

KUALA LUMPUR (June 1): Top Builders Capital Bhd, which has yet to submit its financial reports for the quarters ended Sept 30, 2022, and Dec 31, 2022 and March 31, 2023, plans to release its outstanding quarterly reports in the first week of June.

"The delay in releasing the quarterly reports is due to the company’s audited financial statements for the financial year ended June 30, 2022 have just been finalised and announced on May 29, 2023.

"The management team is in the midst of finalising the outstanding quarterly reports, targeting to release them by the first week of June 2023," Top Builders said in a bourse filing.

The trading of its shares has been suspended since Nov 8, following the group's failure to release its 2022 annual report.

While its annual report has been released on May 29, the company's shares remain suspended pending the submission of the outstanding quarterly reports.

The Practice Note 17 (PN17) company faces delisting if it fails to issue its outstanding financial statements within six months, according to a notice from Bursa Malaysia on Tuesday (May 30).

Last week, its external auditor Kreston John & Gan flagged significant doubts over the group’s future in an audit of its financial statements for FY2022, saying 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 accumulated losses of RM53.35 million and the company’s accumulated losses of RM77.65 million for FY2022.

As at end-June, the group's current liabilities have exceeded its current assets by RM109.63 million while the company's current liabilities have exceeded its current assets by RM31.75 million.

The group’s shares were last traded at two sen, giving the group a market capitalisation of RM14.12 million.