The renewable energy company also faces the prospect of having its shares suspended from trading if it fails to submit the annual report by Feb 8.

The stock plummeted by 5.5 sen or 35.48% to its all-time low of 10 sen shortly after the opening bell.

Things got worse in the afternoon session, and by the end of trading it was down 45.16% or 7 sen at 8.5 sen, valuing the company at RM95.37 million.

It was the second most actively traded stock on Bursa Malaysia, with 127.2 million shares changing hands.

In a filing yesterday, Reneuco attributed the delay in issuing the annual report to the additional time required by the external auditor to complete the audit.

“The company expects to issue and submit its annual report 2023 by March 2024 although the company is working towards the deadline on Feb 8, 2024,” it added.

Under the Main Market Listing Requirements, Bursa Malaysia Securities can suspend the trading of a company’s shares if it fails to submit the report within five market days after the expiration of the relevant timeframe (i.e. Jan 31), which in this case is Feb 8.

The company recorded a net loss of RM125.05 million in the July-to-September 2023 quarter, with the loss primarily attributed to an impairment of RM132.53 million. It has changed its financial year end to Sept 30 from June 30.

Brand recognition has been an issue for a company that has changed its name twice in four years. It was initially called Kumpulan Powernet Bhd before changing its name to KPower Bhd, and now Reneuco.

The group now focuses on asset ownership of solar and small hydropower projects in Malaysia and Laos. Its major shareholder is Mustakim Mat Nun, who is also the executive chairman.