KUALA LUMPUR 17 DEC: Wintoni Group Bhd, whose share trading on Bursa Malaysia has been suspended since Dec 8 for the failure to submit its quarterly report on time, has again postponed the submission of its third quarter (Q3) results.

The company, which designs industrial automation systems and offers mobile platform services, told Bursa Malaysia Securities that it was still in the midst of finalising the outstanding Q3 results and expected to submit them to the regulator by Jan 31, 2016 instead of the earlier announced date of Dec 31, 2015.

“The delay was due to the reason that Wintoni has only recently finalised the appointment of a third party audit firm to provide opinion on the Q3 results and more time is required to finalise the opinion,” it explained.

To recap, Wintoni was supposed to have submitted its Q3 results by Nov 30. According to market consensus, the audit committee chairman Chaang Kok Fei refused to announce the Q3 results on Dec 25 board meeting despite majority board have approved the report. Due to Chaang, an appointment of third party audit firm to provide opinion on Q3 results was required, and caused a delay resulted in the Dec 8 suspension. Subsequently Chaang resigned Dec 9, a day after the suspension, together with Dato Haji Jalaldin Bin Hussain. Both directors were proxy directors nominated by Yap Kok Weng and parties working in concert and was appointed on Sep10, ahead of recent EGM on Sep11.

In its announcement on Nov 25, Wintoni said it was unable to submit its Q3 numbers by Nov 30 as required due to “the loss of data following the recent break-in of Wintoni’s office” and more time was required for the company to seek third party opinion on the results.

Market is puzzled the office break in which is part of the cause of data loss, however, with back up data should be sufficient to submit report on time, and strangely the chairman of audit committee non decision which coincidently further interfered the submission of report, resulted in the suspension of share trading as if on deliberate. As a result, the rush of exit of Yap Kok Weng, followed by Chaang and Dato Haji Jalaldin raised further questions to the market.

Between Nov 26 and Dec 1 this year, the group's largest shareholder Yap Kok Weng disposed of 82.32 million shares, or a 16.1% stake, in the company and had ceased to be its substantial shareholder. The dubious entry and exit of Yap Kok Weng, especially ahead of Dec 2 Bursa Malaysia announcement of a suspension of trading raise eyebrows.

Yap together with parties working in concert including Chang Khim Wah and Kang Choon Leu were suid by company on potential breach of take over rules and were requested to fulfill mandatory general offer.

Subsequently, Wintoni announce that the Company has been informed by Foong Chee Meng and Tan Chien Li, vide the letter dated 13 November 2015 issued by Messrs Foong & Partner, that the Meeting Documents have been handed-over to Kang Choon Leu @ Kang Chee Sim (“Kang”). Kang is one of the 10 shareholders of the Company who called for the EGM.

In this regard, the Company has, on 18 November 2015, vide its solicitors, filed an originating summons against Kang for having possession of the Meeting Documents and the recovery of the same.

Notwithstanding the above and after consultation with the legal advisers, the Company will still carry on the legal proceedings against Messrs Foong & Partners.

Wintoni shares last traded at 6 sen.

[BM]

references:

http://www.bursamalaysia.com/market/listed-companies/company-announcements/4953581

OTHERS Wintoni Group Berhad (Wintoni or the Company) - Delay in submission of the unaudited quarterly report on consolidated results for the third quarter ended 30 September 2015 (Third Quarter Results)

Wintoni Group Berhad (Wintoni or the Company)
- Delay in submission of the unaudited quarterly report on consolidated results for the third quarter ended 30 September 2015 (Third Quarter Results)

http://www.thestar.com.my/business/business-news/2015/12/17/wintoni-needs-another-month-to-submit-q3-results/?style=biz

Wintoni needs another month to submit Q3 results

KUALA LUMPUR: Wintoni Group Bhd, whose share trading on Bursa Malaysia has been suspended since Dec 8 for the failure to submit its quarterly report on time, has again postponed the submission of its third quarter (Q3) results.

The company, which designs industrial automation systems and offers mobile platform services, told Bursa Malaysia Securities that it was still in the midst of finalising the outstanding Q3 results and expected to submit them to the regulator by Jan 31, 2016 instead of the earlier announced date of Dec 31, 2015.

“The delay was due to the reason that Wintoni has only recently finalised the appointment of a third party audit firm to provide opinion on the Q3 results and more time is required to finalise the opinion,” it explained.

Wintoni was supposed to have submitted its Q3 results by Nov 30.
 

In its announcement on Nov 25, Wintoni said it was unable to submit its Q3 numbers by Nov 30 as required due to “the loss of data following the recent break-in of Wintoni’s office” and more time was required for the company to seek third party opinion on the results.

Wintoni shares last traded at 6 sen.

http://www.theedgemarkets.com/my/article/wintoni-accounts-delayed-again

Wintoni accounts delayed again

KUALA LUMPUR (Dec 17): Wintoni Group Bhd has once again delayed the submission of its accounts for the third financial quarter ended Sept 30, 2015 (3QFY15) to Jan 31, 2016 instead of the earlier announced date of Dec 31, 2015.

In a filing with Bursa Malaysia today, Wintoni said the delay is because it only recently finalised the appointment of a third party audit firm to provide an opinion on its results, and more time is required for the audit firm to finalise its opinion.

To recap, Wintoni, a business solution provider and designer of automation systems, had seen a 62.5% drop in its share price from 16 sen on Nov 25 to 6 sen on Dec 7, after the company said it was unable to submit its financial statements for 3QFY15 due to loss of data, following a recent break in to its office.

As a result of its failure to submit its 3QFY15 results, the group's shares were suspended from Dec 8.

Between Nov 26 and Dec 1 this year, the group's largest shareholder Yap Kok Weng disposed of 82.32 million shares, or a 16.1% stake, in the company and had ceased to be its substantial shareholder.