Top Builders to resume trading on Aug 1 but only for three days after submitting financial reports

KUALA LUMPUR (July 31): Trading in the shares of Top Builders Capital Bhd on Bursa Malaysia will resume from 9am on Tuesday (Aug 1), after the piling and engineering firm submitted all its outstanding financial reports to the local bourse.

According to its filing on Monday (July 31), Top Builders said it had submitted its annual reports for the financial year ended June 30, 2022, and quarterly financial report for the periods ended Sept 30, 2022, Dec 31, 2022, and March 31, 2023.

“With that, there are no further outstanding financial reports or statements to be announced to Bursa Securities,” it said.

However, the trading of Top Builders will only resume for three days as the local stock exchange will still suspend the engineering and construction services firm's shares effective Friday (Aug 4), as the Practice Note 17 (PN17) company failed to submit its regularisation plan to the Securities Commission Malaysia or Bursa Securities for approval within the extended timeframe of June 29 this year.

Top Builders is also scheduled to be delisted from the Main Market of Bursa Malaysia on Aug 8. However, it has until Aug 3 to request an appeal of the delisting to Bursa Securities.

Top Builders fell into PN17 status in January 2022, when its external auditor KPMG PLT expressed doubts in the company’s ability to continue as a going concern as its current liabilities exceeded its current assets by RM21.6 million. At the time, the company’s equity on a consolidated basis was less than 25% of its share capital.

Trading in Top Builders' shares has been suspended since Nov 8 last year. The counter was last traded at two sen, giving the company a market capitalisation of RM14.1 million.

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Top Builders Capital to delist from Bursa Malaysia on Aug 8 if no appeal by Aug 3