In a filing with Bursa Malaysia today, Reneuco disclosed it has been classified as a PN17 affected listed issuer after triggering Bursa’s prescribed criteria pursuant to Paragraph 2.1(d) of PN17 under the Main Market Listing Requirements.
Its external auditor Al Jafree Salihin Kuzami PLT entered a disclaimer of opinion in the company’s 2023 annual report that was finally released today after it had missed the initial Jan 31 deadline.
“We do not express an opinion on the accompanying financial statements of the group and of the company.
“Because of the significance of the matters described in the Basis for Disclaimer Opinion section of our report, we have not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial statements,” the auditor stated.
In an accompanying statement, the company said it is taking the necessary steps to address its PN17 status.
“The company is in the midst of formulating a plan to regularise its financial condition and the announcement on the same will be made in due course in accordance with the Listing Requirements,” it said.
Reneuco has been in the spotlight recently for all the wrong reasons. Its share price has been pummelled since it disclosed it was unable to release its 2023 annual report for the financial year ending Sept 30, 2023 by the Jan 31 deadline.
It was given another five market days until Feb 8 (today) to do so. Bursa Securities had warned the company that its shares would be suspended from trading if it misses today’s deadline to submit its annual report.
It suffered a 45% plunge in its share price on Jan 31, the day after it disclosed it was unable to release its annual report. Since the start of the year, the company’s shares have fallen 68.2%.
It jumped up 40% or 2 sen to 7 sen today, giving it a market capitalisation of RM78.54 million.
Reneuco explained the reason it missed the annual report submission deadline was because its external auditor “needed more time” to complete its audit.
The company has changed its name twice in four years. It was initially called Kumpulan Powernet Bhd before changing its name to KPower Bhd, and then to 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.