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Bursa rejects SCIB (9237): SARAWAK CONSOLIDATED INDUSTRIES BHD's time extension to complete 2021 annual report

Bursa Malaysia has rejected Sarawak Consolidated Industries Bhd’s (SCIB) request for extension of time (EOT) to complete its 2021 annual report.

KUALA LUMPUR:  Bursa Malaysia has rejected Sarawak Consolidated Industries Bhd's (SCIB) request for extension of time (EOT) to complete its 2021 annual report.

The civil engineering specialist, in a statement yesterday, said this would result in the suspension of its shares on November 9 until further notice.

On October 8, SCIB had sought for an EOT up to December 31 this year to complete its audit of the financial statements for the year ended June 30, 2021 to be included in the 2021 annual report.

The company said it was affected by the change of external auditor and the movement restrictions in Malaysia and overseas due to the Covid-19 pandemic.

Group managing director and chief executive officer Rosland Othman said SCIB was committed to exhaust all efforts to ensure it adhere to relevant regulations and meet the deadline.

"Nevertheless, we are unable to meet the deadline because it is too tight, even with (new auditor) Nexia SSY PLT fully committed to finishing the audit.

"We had submitted an appeal to Bursa but have received further queries from it on October 26, 2021 seeking some clarifications on the appeal," he said.

Roslan said the updated appeal had been submitted to Bursa on the same day.

"In July 2021, we have received a notice in writing from KPMG PLT on their resignation, and from then we immediately sent a Request for Proposal (RFP)."

"However, the process of getting the new auditors, Nexia onboard is tedious, and we did our utmost to complete the process in time."

Rosland reiterated that SCIB was fully committed to meeting the deadline, with Nexia working to complete the audit in accordance to the relevant accounting and auditing standards.

"Even though we are met with a setback, SCIB is not deterred. We will continue to comply with the regulations set as well as focusing on the best practice for this situation.

"We would like to assure everyone that our business operations will be resumed as usual, as we sort this matter," he added.


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