KUALA LUMPUR: Bursa Malaysia has commenced delisting procedures against China Automobile Parts Holdings Ltd (CAP) over its failure to issue annual reports from the financial years ended June 30, 2017, until 2020. In a filing with Bursa Malaysia yesterday, CAP said the procedures commenced after the completion of investigation and/or enforcement actions by the regulators against CAP for breaches under the Main Market Listing Requirements and securities law. “This can be effected by the shareholders submitting an application form for withdrawal in accordance with the procedures prescribed by Bursa Depository.”Upon its delisting, CAP said it would continue to exist but as an unlisted entity. “However, the outstanding financial statements have not been issued as of to date. CAP slipped into Practice Note 17 (PN17) status in January 2018, after its former auditors, PFK, had expressed an audit disclaimer of opinion in the company’s audited financial statements for the financial year 2015 with regards to undisclosed material liabilities.

Source: The Star December 16, 2021 13:47 UTC