Trading in Top Builders shares still suspended as 3QFY2023 report yet to be submitted

• The Practice Note 17 (PN17) company had on Wednesday (June 28) submitted its quarterly report for its second financial quarter ended Dec 31, 2022 (2QFY2023) to Bursa Securities.

KUALA LUMPUR (June 30): Trading in Top Builders Capital Bhd's securities will continue to be suspended in view that the piling and engineering firm has yet to submit its quarterly report for the financial period ended March 31, 2023.

The Practice Note 17 (PN17) company had on Wednesday (June 28) submitted its quarterly report for its second financial quarter ended Dec 31, 2022 (2QFY2023) to Bursa Securities. The report showed that Top Builders posted a bigger net loss of RM3.15 million in 2QFY2023 from RM1.62 million in the preceding quarter. However, revenue for 2QFY2023 was up 81% to RM2.59 million from RM1.43 million in 1QFY2023.

"The suspension on trading will continue until further notice," Top Builders said in a filing with Bursa Malaysia on Friday.

Trading in Top Builders' securities was suspended on Nov 8, 2022, pending the submission of its outstanding quarterly reports. The stock last traded at two sen and had a market capitalisation of about RM14 million.

On Wednesday, Top Builders also announced that it has made another application to Bursa Securities seeking approval for a further six-month extension (up to Dec 29, 2023) to submit its regularisation plan.

Top Builders was classified as a PN17 company in January 2022 after Bursa Securities rejected the company’s application for an extension of the relief period. Known as Ikhmas Jaya Group Bhd at that time, its external auditor Messrs KPMG PLT had in June 2020 expressed doubts about the company's ability to continue as a going concern as the loss-making company's current liabilities exceeded its current assets by RM21.6 million as at Dec 31, 2019.

At the same time, the company's equity on a consolidated basis was 25% or less of its share capital (excluding treasury shares), and this equity was less than RM40 million.