KUALA LUMPUR: Bursa Malaysia has classified Annum Bhd as an affected entity under Practice Note 17 (PN17) of the exchange's main market listing regulations.
The classification was prompted by the company's auditor issuing a disclaimer of opinion in its audited financial statements for the 18-month financial period ended June 30, 2023, triggering Paragraph 8.04 and Paragraph 2.1 (d), according to a filing submitted to the bourse.
As a PN17 listed issuer, Annum must suit a regularisation plan to the Securities Commission (SC) within 12 months from the initial announcement if the plan entails a substantial alteration in the company's business direction or policy.
If the plan does not involve a significant change in the business direction or policy, Annum must still submit the plan to Bursa and secure approval from the exchange to proceed with its implementation.
"The company is taking the necessary steps to address its PN17 status. The announcement on the same will be made in due course in accordance with the listing requirements," it said.
Last Thursday, Annum was issued a show cause notice by the exchange for its failure to release the annual report, including the audited financial statements, auditors' report, and directors' report for the financial period ended June 30, 2023, which was due on October 31, 2023.
The statement mentions that if Annum does not release the overdue documents within six months after the deadline, the exchange will initiate delisting procedures against the company.
Annum has been given five market days to provide written justifications to Bursa explaining why it should not be delisted.