KUALA LUMPUR (Aug 1): Apparel manufacturer and fashion retailer Jerasia Capital Bhd said it is unable to release its quarterly financial report for the period ended May 31, 2023 within the July 31, 2023 deadline as required by Bursa Securities.

In a bourse filing on Tuesday (Aug 1), Jerasia, a financially distressed company, said the delay in the issuance of the quarterly report is due to a significant loss of manpower and loss of critical finance personnel and thus, additional time is needed by the company to finalise its quarterly reports.

"The company is taking serious steps towards identifying suitable replacement candidates to rectify these issues and finalise its quarterly report," it added.

Jerasia is expecting to issue and submit its quarterly report by Aug 18.

Under Bursa's Main Market listing requirements, a listed company is required to issue its interim financial report no later than two months after the end of each quarter of a financial year.

In a separate filing, Jerasia said it had on July 21 applied to Bursa for an extension of time up to July 20, 2024 to submit its regularisation plan and appeal against the delisting of the company from the Main Market of Bursa Malaysia.

"The company will make further announcements in relation to any latest development on this matter from time to time," it said.

Jerasia slipped into Practice Note 17 status in January 2022 as its shareholders’ equity on a consolidated basis was 25% or less than its share capital.

Trading in Jerasia shares was also suspended on April 25, following the winding-up order from the Kuala Lumpur High Court against the company over unpaid debts amounting to RM28.81 million by its wholly owned subsidiary Canteran Apparel Sdn Bhd. The counter was last traded at half a sen, giving it a market capitalisation of RM410,000.

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