KENMARK to be suspended on Aug 9

Beleagured Kenmark Industrial Co (M) Bhd (7030) said it was very likely that its stock will be suspended on August 9 as it sees no way how the company would be able to furnish its audited financial statements for the 2010 fiscal year within the time required by Bursa Securities.

The company said it applied to Bursa Securities on July 15 this year for more time to be given for it to issue to audited statements.

It said the company's external auditors has notified that they will not be able to start the audit of the 2010 fiscal year until their fees for the audit services for last year and an advence payment for audit of this year were paid.

Kenmark said it will not be able to make this payment during this period of time due to its tight cashflow and there being other payments that were more important.

It proposed for a structured payment to the auditors and the board was now awaiting a reply.
It told Bursa Malaysia yesterday that most of the company's records have been taken by the Securities Commission and that it did not foresee the external auditors being able to present the audited statements for 2010 by the end of this month.

It said Bursa Malaysia rejected its application for an extension of time on July 21 and said the company will not be able to issue the statements within the required timeframe of not later than four months after the close of the financial year, which was July 31 2010.

"A suspension of trading will be effected by Bursa Securities on the next market day after the expiry of five market days from the relevant timeframe. The date suspension of trading will be effected on August 9 2010," Kenmark said in a statement yesterday.

"The directors are unable to advise at this juncture as to when the Audited Financial Statment for 2010 can be finalised or issued but will endeavour to have the same issued as soon as possible," it added.