KUALA LUMPUR: The delisting of China Automobile Parts Holdings Ltd has been deferred after the group reissued its audited financial statement for its financial year ended December 31, 2015.
In a statement today, China Automobile said it had received a letter from Bursa Malaysia stating that the regulator had decided to defer the delisting procedures after considering the group’s submission of its financial statements on January 15.
China Automobile’s auditor, PKF Malaysia Sdn Bhd, had reissued its report on the group’s financial statements stating that it had discovered material liabilities in relation to its FY15 statements that were not accounted for.
These material liabilities had not been disclosed during PKF’s audit of CAP’s financial statements up to April 2016, and the auditor had subsequently sought an explanation on the non-disclosure from the directors.
“We have however not received any appropriate and satisfactory response from the directors, nor any of our requests for information to explain these discrepancies,” PKF said.
As a result, it was reported that CAP became a Practice Note 17 company on January 11.
Shares in China Automobile have been suspended since June 8, 2017 after the group had failed to submit its financial report for its first two quarters of its FY17.