KUALA LUMPUR(Jan 31): Reneuco Bhd's share price took a downward turn on Wednesday morning, dropping to a historic low of 10 sen as the renewable energy specialist faced the risk of suspension due to the failure to submit its annual report on time.

Within the first hour of the market opening bell at 13 sen, Reneuco Bhd plummeted to 10 sen, marking a 5.5 sen or 35.48% drop from the previous day's closing price of 16 sen. As of the time of writing, the stock had pared some losses, and was traded at 10.5 sen, or down by five sen or 32.26%.

At 10.5 sen, the group's market capitalization stood at RM117.81 million.

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With 55.1 million shares changing hands, Reneuco was also the third most active stock on Bursa Malaysia.

The share price of Reneuco has witnessed a significant decline of 65.57%, falling from a high of 30.5 sen on Jan 27, 2023, resulting in the evaporation of approximately RM230 million in market capitalisation.

In a filing on Tuesday, Reneuco disclosed its inability to release the annual report for the financial year ending Sept 30, 2023 (FY2023) by the required Jan 31 deadline, as stipulated by the listing rules.

The delay in the report's issuance was attributed to the additional time required by the external auditor to complete the audit. Simultaneously, the group is actively working towards meeting the Feb 8 deadline, which is the date by which it must submit the annual report to prevent the suspension of its shares from trading.

According to the Main Market Listing Requirements, Bursa Securities reserves the right to suspend the trading of a company's shares if it fails to submit the report within five market days after the expiration of the relevant timeframe (Jan 31), which in this case is Feb 8.

The group reported a net loss of RM125.05 million in the July-to-September 2023 quarter, with revenues amounting to RM4.57 million. The loss was primarily attributed to an impairment of RM132.53 million.  

https://www.theedgemarkets.com/node/699265