KUALA LUMPUR (Aug 7): Trading in the securities of Jerasia Capital Bhd continues to be suspended from 9am on Tuesday (Aug 8) until further notice.

In a bourse filing on Monday, Bursa Malaysia said shares of the apparel manufacturer and fashion retailer would be suspended as it failed to submit its outstanding quarterly report for the financial period ended May 31, 2023 on or before Aug 7, 2023.

The local stock exchange added that pursuant to the Main Market listing requirements, should a listed issuer fail to issue the outstanding financial statements within five market days after the expiry of the relevant timeframe, Bursa Malaysia shall suspend the trading in the securities of such listed issuer.

Earlier this month, the financially distressed company was also unable to fulfil its requirement to submit its quarterly financial report within the July 31, 2023 deadline, attributing the delay to a significant loss of manpower and loss of critical finance personnel.

"The company is taking serious steps towards identifying suitable replacement candidates to rectify these issues and finalise its quarterly report," said the group, adding that more time is needed to finalise its reports.

In a separate filing, Jerasia said it is expected to issue and submit its quarterly report to Bursa Malaysia not later than Aug 18, 2023.

The Practice Note 17 (PN17) company also shared that it had applied to Bursa Malaysia 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.

Jerasia slipped into PN17 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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