Posted by tanbb > 2015-05-12 16:49 | Report Abuse

shit u masteel

Posted by Johnnys > 2015-05-12 17:35 | Report Abuse

apply extension till end of July... but rejected. end of june now is end of july, next will be end of August.

Posted by matakuda > 2015-05-12 18:06 | Report Abuse

http://www.bursamalaysia.com/market/listed-companies/company-announcements/4734233

Posted by skybursa > 2015-05-12 21:22 | Report Abuse

Past financial results could be fake. High risk stock

Posted by ah_huat_liao > 2015-05-12 22:31 | Report Abuse

@skybursa

Agreed that this is definitely a high risk stock.

Note that whatever our assumption/deductions/hopes on this stock is, we have no access to the actual details, issues and problems. Only the staff of the company as well as the auditors in charge.

The risk on signing off the accounts must have been material enough to warrant them making such an issue to affect the trading of the counter. The disagreement must have involved deep issues to warrant a 6-weeks special audit.

No matter what is the final verdict, we can safely assume a reasonable amount of "damage" has been done.

Those with vested interest trusted the management... we can only hope that this TRUST is reciprocal. Hope their support can help all vested.

Posted by ah_huat_liao > 2015-05-12 22:36 | Report Abuse

As previously pointed out, the Public Relations managed by company has been quite disastrous up to now...

Posted by samcghee > 2015-05-13 08:31 | Report Abuse

WAH! Risk level keep on higher. Watch out.

Posted by Johnnys > 2015-05-13 10:00 | Report Abuse

331.9m receivables got problem from last few year.....

Posted by samcghee > 2015-05-13 13:41 | Report Abuse

It is not the simplest mathematic account. Big headaches issue!!!! Anyhow, HIgh risk , high return. Wait and see.

Posted by cckkpr > 2015-05-13 17:27 | Report Abuse

Has the public accountant sitting on the board and the audit committee chair done his duties diligently? The auditors has quite a number of influential ppl as well.

Posted by jasgrafix > 2015-05-14 00:15 | Report Abuse

（吉隆坡12日讯）大马钢厂（MASTEEL，5098，主板工业产品股）申请延迟提交2014财年已审计财报和年报告，但遭马交所拒绝。
根据文告，大马钢厂原本申请将去年的已审计财报，延迟至6月30日呈交，也希望能延迟至7月31日，才呈交年报。
上月底，该公司的外部审计师Messrs Nexia表示，无法针对账目给予意见，而公司随后也委托委托UHY顾问公司作为特别审计师，但预时需6周完成，因此才申请延交财报和年报。
由于无法如期呈交财报，大马钢厂从今日起暂停交易，直到另行通知。
事实上，自公司宣布可能要延迟呈交财报，股价就大挫超过25%。暂停交易前的股价为62仙。
对应收账款意见分歧
大众投行研究表示，外部审计师和大马钢厂对账目“意见不合”的主要原因，源自于应收账款。
根据去年的未审计财报，应收账款从2亿3940万令吉，在短短一年内大幅提高9250万令吉，至3亿3190万令吉。
虽说这应收账款的增幅，可辩解称为营收同样以这涨幅增长，但是这种增幅并不寻常，存有账期过长的质疑。
再者，审计师可能认为逾期的营收账款，应该进行减值，而这看法或无法与管理层达到共识，才造成最终无法表达意见。
虽然账目问题存忧，但分析员仍相信，大马钢厂的基本面强稳，足以支撑股价反弹，给予“超越大市”和1.10令吉的目标价。

Posted by ah_huat_liao > 2015-05-14 13:57 | Report Abuse

Cumulative year ended 31dec2014 vs 31dec2013
Revenue (up $76.5million)
Net Profit (Down $849,000)
Receivables (jump a substantial RM92.5m from RM239.4m last year to RM331.9m)

The jump in receivables seemed way more that difference in revenue, which auditors are probably uncomfortable with... unless there are sufficient audit trail to show the discrepancies.

So there are likely asking for impairment or substantial write-offs...

Can anyone advise why only Masteel is doing well when almost all other steel companies are suffering losses.... is there something so secretive that auditors cannot be informed and be made comfortable with??!!

This should be good, why external auditors are made to feel uncomfortable about it... and why can't management and audit committee reconcile this in the 4 months period??!!

we keep hearing positive news on the counter... but why the counter's price keep dropping... please look at the market trend and not be overwhelm by the news around us...

There seems to be many reports asking clueless investors to pump in their money?? If there are so much interests, why counter keep dropping?? This is very strange and hope someone can shed some light before investors lose their life-savings again...

Posted by kakijudi > 2015-05-15 23:25 | Report Abuse

Where you saw the news that cfo resigned

Posted by tanbb > 2015-05-16 11:13 | Report Abuse

my money still inside..sign..:(

Posted by kakijudi > 2015-05-16 14:28 | Report Abuse

I don't know where this s2015 heard his news la. But I feel nothing wrong with the stock. Don't worry

Posted by davidkkw79 > 2015-05-20 10:23 | Report Abuse

your name is labelled as judi, it means gambling.... then you said it is nothing wrong with this romantic stock.... of course it is nothing wrong to gambling this speculative goreng stock mah..

Posted by tjhldg > 2015-05-20 23:33 | Report Abuse

heheheeheheheh

Posted by bozchry > 2015-05-21 16:18 | Report Abuse

kikikikiikik...selamat wa punya duit pun kena suspend la...

Posted by Growth74 > 2015-05-22 07:54 | Report Abuse

It will take a while..

Posted by arep > 2015-05-22 11:30 | Report Abuse

shit...for how long probably will it stay suspended? still got money inside. aargh

Posted by kakijudi > 2015-05-23 14:49 | Report Abuse

2 to 3 more weeks

Posted by Growth74 > 2015-05-26 10:34 | Report Abuse

The outlook for steel industry is positive with the continuation of MRT line 2 and the constructions sector supported by the government in the recently announced 11mp. It will be a good opportunity for masteel to come out stronger with the clearance of its audited account whilst pmetal sorts out their operations. A clean audited AFS couple with a positive q1 results would certainly help!

Posted by tanbb > 2015-05-26 12:47 | Report Abuse

hopefully as you said..stuck in masteel too..

Posted by keanchung > 2015-05-26 19:19 | Report Abuse

The Board of Directors of MASTEEL wishes to announce that Bursa Malaysia Securities Berhad (“Bursa Securities”) had via their letter dated 25 May 2015 which was received on 26 May 2015, informed the Company that they have resolved to reject the Company’s application for an extension of time up to 31 July 2015 to release 1st Quarterly Report pursuant to paragraph 9.22(1) of the Main Market Listing Requirements which was submitted on 13 May 2015.

The reason for the delay in issuance of 1st Quarterly Report is due to the ongoing special review by UHY Advisory (KL) Sdn Bhd, the Special Auditors to conduct an independent and comprehensive review of the issues raised by the Messrs Nexia SSY, the External Auditors on the financial statements of the Company for the financial year ended 31 December 2014 (“AFS 2014”). The Special Review is expected to be completed in six (6) weeks from 30 April 2015.

In view of the above, MASTEEL is not able to furnish its 1st Quarterly Report to Bursa Securities as the Company needs the finalisation of the AFS 2014 in order to have the comparative information and corresponding financial figures aside the brought forward figures from the financial year ended 2014 to the opening figures in the 1st Quarterly Report, where appropriate for disclosure to Bursa Securities.

This announcement is dated 26 May 2015.

Posted by Growth74 > 2015-05-26 20:04 | Report Abuse

The wait continues ...2nd week of June perhaps... on how the AFS' ripples going to affect the q1

Posted by The One > 2015-05-26 20:48 | Report Abuse

Err.. what happened if delisted? Hmm..

Posted by tanbb > 2015-05-26 20:52 | Report Abuse

money stuck..

Posted by odie88 > 2015-05-27 13:52 | Report Abuse

masteel suspension got its advantages too, small retail investors can bear sluggish prices movement these days too... perhaps?

Posted by Growth74 > 2015-05-27 13:55 | Report Abuse

Yes odie88, only true investors left and no longer rooms for speculators

Posted by bozchry > 2015-06-01 23:41 | Report Abuse

(Unless otherwise stated, definitions used in this announcement shall carry the same meaning as defined in the Company’s announcement dated 26 May 2015 in relation to the application for an extension of time up to 31 July 2015 to release 1st Quarterly Report)

We refer to our announcement dated 26 May 2015 on the delay in furnishing its 1st Quarterly Report to Bursa Malaysia Securities Berhad (“Bursa Securities”), wherein the Company will not be able to release its 1st Quarter Report by 31 May 2015, the period not exceeding two (2) months after the end of 31 March 2015 (“Relevant Timeframe”).

The Board of Directors of MASTEEL wishes to further announce the following:-

Pursuant to paragraph 9.28(5) of the Main Market Listing Requirements of Bursa Securities (“MMLR”), Bursa Securities has suspended the trading in MASTEEL’s securities on Tuesday, 12 May 2015 at 9.00 a.m. in view that the Company is not able to release its Audited Financial Statements for the financial year ended 31 December 2014; and

Pursuant to Paragraph 9.28(6) of the MMLR, if the Company fails to release its 1st Quarter Report within six (6) months from the Relevant Timeframe, in addition to any enforcement action that Bursa Securities may take, Bursa Securities shall commence de-listing procedures against the Company.

This announcement is dated 29 May 2015.

Posted by robert168 > 2015-06-02 13:14 | Report Abuse

So?delisted soon?

Posted by supernova > 2015-06-02 13:22 | Report Abuse

hanky panky account? suspended so long. one of the premium steel counter

Posted by tanbb > 2015-06-03 09:33 | Report Abuse

haiz..still no news.

Posted by kk123 > 2015-06-03 16:12 | Report Abuse

Usually if cannot conclude/signoff - likely there is some big problem in their accounts
I think this company maybe going to holland soon if they cannot resolve their problems

Posted by supernova > 2015-06-03 16:14 | Report Abuse

prepare for the worst guys.

Posted by cckkpr > 2015-06-08 10:47 | Report Abuse

Today is the second week of June and yet no announcement of the independent audit.

Posted by tanbb > 2015-06-08 14:27 | Report Abuse

when only will wake?

Posted by supernova > 2015-06-08 14:31 | Report Abuse

once wake, run and rumble

Posted by chankp7010 > 2015-06-10 12:05 | Report Abuse

Why there is a need for Special audit carried out by UHY? Are not the current external auditors competent enough to perform? Why can't external auditors release the reports? Something is amiss and Management, including Board of Directors are not agreeable to its reports. Any insiders' information, please highlight the readers of forum. Thank you.

Posted by tanbb > 2015-06-11 20:12 | Report Abuse

anything happen?haha..

Posted by benbeh87 > 2015-06-12 09:56 | Report Abuse

countdown

Posted by supernova > 2015-06-12 09:57 | Report Abuse

still no movement.

Posted by buffet > 2015-06-12 11:04 | Report Abuse

After lunch release

Posted by supernova > 2015-06-12 11:05 | Report Abuse

cool, up or down?

Posted by Johnnys > 2015-06-12 20:56 | Report Abuse

delist?

Posted by benbeh87 > 2015-06-15 11:08 | Report Abuse

die

Posted by paperplane2 > 2015-06-15 14:26 | Report Abuse

impossible. If wanna delist, what for do so many things ask special auditor

Posted by buffet > 2015-06-15 14:28 | Report Abuse

But till now still no news.

Posted by dragonking > 2015-06-15 15:37 | Report Abuse

God bless mas

Posted by tanbb > 2015-06-15 19:54 | Report Abuse

COMPLETION OF SPECIAL AUDIT REPORT BY UHY FLVS SDN BHD (UHY)