OTHERS Konsortium Transnasional Berhad ("KTB" or the "Company") - Application for Extension of Time for issuance of: i. KTB's Annual Report for the financial year ended 31 December 2019 ("Annual Report 2019") and ii. KTB's Quarterly Results for the financial year ended 31 March 2020 ("Q1 2020 Results).
|KONSORTIUM TRANSNASIONAL BERHAD|
Konsortium Transnasional Berhad ("KTB" or the "Company") - Application for Extension of Time for issuance of: i. KTB's Annual Report for the financial year ended 31 December 2019 ("Annual Report 2019") and ii. KTB's Quarterly Results for the financial year ended 31 March 2020 ("Q1 2020 Results).
Reference is made to the following obligations of the Company pursuant to the Main Market Listing Requirements of Bursa Malaysia Securites Berhad ("Bursa Securities")("MMLR"):-
1. The Company's Annual Report 2019 is required to be issued by 30 April 2020 to Bursa Securities and its shareholders, being four (4) months from the close of the financial year ended 31 December 2019, pursuant to Paragraph 9.23(1) of the MMLR; and
2. The Company's Q1 2020 Results are required to be announced to Bursa Securities for public release latest by 31 May 2020, which is not later than two (2) months after the end of the said quarter of the fianncial year ending 31 December 220 pursuant to Paragraph 9.22(1) of the MMLR.
Following the Covid-19 pandemic and the enforcement of the Movement Control Order by the Government, Bursa Securities had via its letter dated 16 April 2020, granted an extension of time ("EOT") until 30 June 2020 for listed issuers to issue their annual reports and quarterly results, which were due by 30 April 2020 and 31 May 2020, respectively.
Further to the above, the Board of Directors of KTB wishes to announce that the Company had submitted an application to Bursa Securities via its letter dated 23 June 2020 for an additional EOT due to the following reasons:-
a. the Covid-19 effect has significantly changed the estimations on future generating income of the Company and thus, the Board of Directors and the Management have to re-assess the impairment of goodwill and income generating assets (under property, plant and equipment, "PPE") in order to arrive to a reasonable amount of impairment on both goodwill and PPE at the reporting date. As at to date, the Management is still working closely with the auditors to resolve the potential impairment issues and to ensure that the recognition of the impairment amount are in line with the relevant accounting standards.
b. the economic impact from the Covid-19 pandemic has also given significant impact to the collections subsequent to the year end from the Company's debtors. Hence, the Management has to re-assess the collection ability from the debtors which may result in additional impairments on the balance of receivables in line with the relevant accounting standards.
c. the Covid-19 pandemic has also resulted in closure of offices and business operations. The said closure has also given an impact on the issue of numerous significant confirmation from third parties for the purpose of the audit. The third parties' confirmation are required to be obtained by the auditors prior to their conclusion of the audit and their issuance of their auditors' report on the audited financial stattements.
We anticipate that the outstanding Company's Annual Report and Q1 2020 Results can be issued to Bursa Securities and the shareholders by the 14 July 2020 and we will make the necessary announcement after receiving the respond from Bursa Securities on the Company's application for the additional EOT accordingly.
This announcement is dated 29 June 2020.
|Company Name||KONSORTIUM TRANSNASIONAL BERHAD|
|Date Announced||29 Jun 2020|
|Category||General Announcement for PLC|