Top Builders’ shares were already under suspension since Nov 8 after it failed to publish its unaudited quarterly report for the period ended Sept 30, and Dec 31, 2022.

The piling and engineering firm also faces the prospect of delisting if it fails to issue its outstanding financial statements within six months, according to its filing on June 1.

Its external auditor Kreston John & Gan had also raised significant doubts over the group’s future in an audit of its financial statements for the financial year ended June 30, 2022 (FY2022), saying it was unable to obtain sufficient appropriate audit evidence regarding the feasibility of the group’s plan to regularise its financial condition.

The auditor had pointed to the group’s and the company’s accumulated losses of RM53.35 million and RM77.65 million respectively in FY2022.

As at end-June, the group’s and the company’s current liabilities exceeded their current assets by RM109.63 million and RM31.75 million respectively.

Top Builders had slipped under the Practice Note 17 classification on Dec 30, 2021. In a separate filing, the group said it has up to June 29, 2023 to submit its regularisation plan to address its PN17 status.

Its shares last traded at two sen, with its market capitalisation at RM14.12 million.