Latest Newsletter: MSWG Weekly Newsletter 08 November 2019 (English)
Ire-Tex Corporation Berhad (“Ire-Tex” or “Company”) (now known as Iqzan Holding Berhad) becomes PN 17 – but why the delay in announcing this
Ire-Tex became a PN 17 company according to a bourse filing on 6 November 2019. This happened after its external auditor Nexia SSY PLT expressed a disclaimer of opinion on the group’s financial statements for the financial year ended June 30, 2019 (FY2019), in its annual report issued on 31 October 2019.
However, the external auditor’s opinion is dated 26 October 2019 and Bursa’s announcement came on 6 November 2019 - a delay of about 10 days. It is the primary responsibility of a PLC to announce that it has triggered the PN 17 status – not Bursa. It is therefore puzzling why Ire-Tex did not announce that it had become a PN 17 company on 26 October 2019 or the following market day. Why the delay of 10 days?