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General Announcement |
| Reference No MM-100430-45867 |
| Submitting Merchant Bank |
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MIMB INVESTMENT BANK BERHAD |
| Company Name |
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H-DISPLAYS (MSC) BERHAD (ACE Market) |
| Stock Name |
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HDISPLY |
| Date Announced |
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30/04/2010 |
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Public Investment Bank Bhd |
| Sponsor |
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MIMB Investment Bank Bhd |
| Type |
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Announcement |
| Subject |
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H-DISPLAYS (MSC) BERHAD (“HDISPLY” OR THE “COMPANY”)
PROPOSED EXTENSION OF TIME TO RELEASE THE ANNUAL AUDITED ACCOUNTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2009 (“AAA 2009”)
(“PROPOSED EXTENSION OF TIME”) |
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| Contents |
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With reference to the announcement dated 29 April 2010 in relation to the above, MIMB Investment Bank Berhad, on behalf of HDISPLY wishes to announce the following:-
(i) HDISPLY was unable to release the AAA 2009 by 30 April 2010 as the external auditors of the Company require more time to complete the audit on HDISPLY and its subsidiary companies (“HDISPLY Group”). This is mainly due to the need to carry out further tests on the inventories to determine the level of provisions required for, inter-alia, slow moving and obsolete stocks of HDISPLY Group. In addition, the financial controller of HDISPLY, whom is responsible for maintaining the inventory listings, has resigned. As such, the Company will not be able to meet the requisite date to release the AAA 2009.
(ii) The trading of the securities of HDISPLY on the ACE Market shall be suspended after the expiry of five (5) market days from 30 April 2010, which is 10 May 2010, and until the market day where HDISPLY releases the AAA 2009.
(iii) The Audit Committee and the Board of Directors of HDISPLY have deliberated on this matter and are committed to ensuring the finalisation of the AAA 2009 within the shortest timeframe possible. In addition, a replacement financial controller has been appointed and will be working closely with the external auditors to finalise the AAA 2009. Barring any unforeseen circumstances, the Board of HDISPLY expects the AAA 2009 to be released by 31 May 2010.
This announcement is dated 30 April 2010. |
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