Reach Energy has announced that the company is an affected listed issuer under Practice Note 17 of the Main Market Listing Requirements of Bursa Malaysia Securities.
The company triggered the status after its external auditors, PWC which Reah said issued an unqualified audit opinion that highlighted a paragraph on material uncertainty related to going concerns on the group Audited Financial Statements for the financial year ended 31 December 2021 and in respect of the Company’s unaudited financial statements for the financial year ended 31 December 2022 whereby the Company’s shareholders’ equity on a consolidated basis is 50% or less of its share capital as announced on 28 February 2023.
Reach will have to now submit a regularisation plan to the Securities Commission Malaysia and if the plan will result in a significant change in the business direction or policy of the Company; or submit a regularisation plan to Bursa Securities if the plan will not result in a significant change in the business direction or policy of the Company, and obtain Bursa Securities’
approval to implement the plan; and implement the plan within the timeframe stipulated by the SC or Bursa Securities.
In the event the company fails to comply with any part of its obligations to regularise its condition within the timeframes permitted by Bursa Securities, Bursa will suspend the trading of the company’s listed securities on the 6th market day after the date of notification of suspension.
