KUALA LUMPUR (May 2): Loss-making Annum Bhd (formerly Cymao Holdings Bhd) said on Thursday it has received a show-cause notice from Bursa Malaysia over the company's failure to issue its annual report for the financial period ended June 30, 2023 (FY2023), which was due on Oct 31, 2023.

Since the annual report has remained outstanding for more than six months from the due date, the plywood products manufacturer said Bursa will commence delisting procedures against the company. 

According to its bourse filing, the company has been accorded five market days to make written representations to Bursa Malaysia as to why Annum’s securities should not be removed from the official list of the local bourse.

The 6,272-acre Bandar Sri Sendayan, which is part of the upcoming economic growth area of Malaysia Vision Valley 2.0, is a self-sustaining township in Seremban, Negeri Sembilan where residents will find daily conveniences on their doorstep. It is now offering premium living with Resort Villa, an exclusive RM135.9 million development that consists of just 34 two-storey bungalow villas

If Bursa Malaysia decides to delist the company, Annum's securities shall be removed from the official list after seven market days from the date of notification of its decision, unless an appeal is made within the prescribed time frame.

"Further to that, the board hereby announces that the company will make a written representation to Bursa Securities within the five market days as accorded by Bursa Securities," Annum said.

Back in October 2023, Annum said it was unable to release its annual report for FY2023 because the group could not find a suitable auditor - having approached 31 potential auditors - after its previous one resigned. The majority of them cited resource constraints, the group said.

On March 29, Annum said it had appointed Messrs SBY Partners PLT as its new auditor and that the company was aiming to issue its annual report by April 30.

But on April 30, Annum announced that it still could not issue the report as SBY was unable to form an audit opinion, with Annum's management subsequently requesting SBY to issue a letter detailing why it could not do so.

Annum has a market capitalisation of RM21.6 million, based on the stock's last traded price of 9.5 sen. The stock has been suspended from trading since November last year, due to the annual report issue.

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