KUALA LUMPUR: Reneuco Bhd has become a Practice Note 17 (PN17) with the submission of the company's annual report for the financial year ended Sep 30, 2023, which included a disclaimer of opinion by its external auditor.
With the submission of its annual report today, the company's shares will not be suspended from trading tomorrow.
Reneuco's share price was up 40 per cent at end of trading today, to close at 7 sen. It was the seventh most actively traded stock with 49.5 million shares changing hands.
Reneuco's external auditor Al Jafree Salihin Kuzaimi PLT, in its independent auditor's report, said it could not obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on the company's unaudited consolidated financial statements for the period ended Sep 30, 2023.
The disclaimer of opinion was included in the company's annual report for the financial year ended Sep 30, 2023, which was filed with Bursa Malaysia Securities Bhd.
Among others the company's external auditor could not determine the veracity of trade receivables, trade payables, revenue and cost of sales for Reneuco, Reneuco Development Sdn Bhd, Reneuco RE Sdn Bhd, Reneuco Digital Sdn Bhd, Reneuco International (L) Ltd and Reneuco Engineering Sdn Bhd.
"As at the date of this announcement, the company is taking the necessary steps to address its PN17 status. "The company is in the midst of formulating a plan to regularise its financial condition and the announcement on the same will be made in due course in accordance with the listing requirements," it said.
Reneuco has 12 months to submit its regularisation plan.