Business

Thursday July 31, 2008 MYT 11:45:54 AM

Axis Inc suspended, unable to submit audited accounts

By JOSEPH CHIN


KUALA LUMPUR: Axis Inc, whose shares hit
double-limit down on Wednesday, announced that it was unable to submit its audited financial statements (AFS) by Thursday’s deadline.

Trading in the shares of the company was suspended. On Wednesday, the share price plunged 60sen to close at a historic low of 35sen in active trade.

In a statement to Bursa Malaysia, the board of directors said at a meeting held at 6.40pm on Wednesday, the board unanimously resolved that the company would not be able to submit its AFS by the July 31 deadline.

It said this because of “unresolved issues raised by our external auditors, Messrs Horwath during the audit committee meeting held at 3.35pm (yesterday). The management of Axis requires time to resolve these issues.

“The audit committee has proposed and the board has approved the need to appoint an independent firm of auditors to carry out a special audit immediately to address these issues,” it said.

 
AXIS :  [Stock Watch]  [News]

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