totally agreed with winfai on this mysterious thing.. Is not logic for a company to trade at over 90% discount from its NTA. Even the net cash per share is already more than 30 cents per share. I bought this share since IPO time... and hold till now... I really think this is a scam company. What is the auditor doing? Baker Tilly has signed account for years.. I wonder if they did a good job? How did they verified the bank balances? Through bank confirmation? Did they verify the authenticity of the bank confirmation?
The above Company has failed to submit its Annual Report that includes the annual audited financial statements together with the auditors' and directors' reports in respect of the financial year ended 31 December 2015 ("AR 2015") to Bursa Malaysia Securities Berhad ("Bursa Securities") for public release within the stipulated timeframe i.e. 30 April 2016, pursuant to paragraph 9.23(1) of Bursa Securities' Main Market Listing Requirements ("LR").
Pursuant to Paragraph 9.28(5) of the LR, if a listed issuer fails to issue the outstanding financial statements within 5 market days after the expiry of the relevant timeframes stated in Paragraph 9.23(1) of the LR ("Relevant Timeframes") (the last day of the 5 market days is referred to as "Suspension Deadline"), in addition to any enforcement action that Bursa Securities may take, Bursa Securities shall suspend the trading in the securities of such listed issuer. The suspension shall be effected on the next market day after the Suspension Deadline.
In view of the above and in the event that MAXWELL is unable to submit the outstanding AR 2015 on or before 9 May 2016, the trading in the above Company's securities will be suspended with effect from 9.00 am, Tuesday, 10 May 2016 until further notice.
Pursuant to Paragraph 9.28(6) of the LR, if a listed issuer fails to issue the outstanding financial statements within 6 months from the expiry of the relevant timeframes, in addition to any enforcement action that Bursa Securities may take; de-listing procedures shall be commenced against such listed issuer.
Type Announcement Subject OTHERS Description MAXWELL INTERNATIONAL HOLDINGS BERHAD ("MAXWELL" OR "THE COMPANY") Delay in the Release of the Annual Report in respect of the financial year ended 31 December 2015 pursuant to Paragraph 9.23(1) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad The Board of Directors’ of Maxwell International Holdings Berhad (“MAXWELL” or “the Company”) hereby announces that the Company is unable to release to Bursa Malaysia Securities Berhad (“Bursa Securities”) and shareholders its Annual Report that includes the annual audited financial statements together with the auditors’ and directors’ reports in respect of the financial year ended 31 December 2015 (“Annual Report 2015”) by 30 April 2016 which is a period not exceeding four (4) months from the close of the financial year ended 31 December 2015 (“Timeframe”) as required under Paragraph 9.23(1) of the Main Market Listing Requirements (“MMLR”) of Bursa Securities.
The delay was due to the fact that the Management of MAXWELL in China (“Management”) is in the midst of providing additional documents to Ferrier Hodgson MH Sdn Bhd (“FHMH”) for the extended audit on the substantial advertisement expenses and that the report on the extended audit has yet to be finalized.
The Company wishes to reiterate that the delay in resolving the advertisement expenses issues was mainly due to the time required by the Management to search for the relevant information. As Maxwell (Xiamen) Co., Ltd.'s office had already ceased operations prior to the commencement of the extended audit, certain documents (such as budgeting, approval procedures for the appointment of the 6 advertising agents etc.) were not handed over by Maxwell (Xiamen) Co., Ltd.'s staff to the Management, thus these documents could not be made available to FHMH.
In order to expedite the completion of the extended audit on the advertisement expenditure and also the statutory audit, the Management has taken the following steps/actions :-
(i)
the Management was in Malaysia from 8 April 2016 to 14 April 2016 to meet-up and communicate with FHMH and to provide further clarification and information to FHMH;
(ii)
in terms of the litigation cases involving Mdm Li Kwai Chun and Jinjiang Zhenxing Shoes & Plastics Co., Ltd., (“Zhenxing Shoes”) and the implications, the Management has appointed Fujian ZhiYi, Advocates & Solicitors who is in the midst of finalising its legal opinion;
(iii)
in terms of the cash placed with the asset management company, Jinjiang Jin Chuang Non-Governmental Asset Management Co Ltd (“Jin Chuang”), Zhenxing Shoes had on 6 April 2016 notified Jin Chuang to transfer all the funds;
(iv)
due to the reasons stated as (i) to (iii) above, the External Auditors, Messrs Baker Tilly Monteiro Heng (“BTMH”) would not be able to complete the audit of the Group for the financial year ended 31 December 2015 on time for submission to Bursa Securities by 30 April 2016.
The Company is still in the midst of identifying a suitable reputable firm to carry out the investigative audit on the above areas, if necessary.
The Management has been informed by Messrs Baker Tilly Monteiro Heng (“BTMH”) that BTMH are expected to commence field work in China first week of May 2016 as BTMH would require additional time to arrange for a China VISA; to obtain approval from the Ministry of Finance in the PRC to conduct the audit; and to arrange with Messrs Baker Tilly China to commence the field work in China.
MAXWELL will endeavour to announce/issue its Annual Report 2015 to Bursa Securities and shareholders not later than 2 months from 30 April 2016.
Pursuant to Paragraph 9.28(5) of the MMLR, if MAXWELL fails to announce/issue its Annual Report 2015 within 5 market days from the expiry of the Timeframe (the last day of this 5 market days shall hereinafter be referred to as "the Suspension Deadline"), in addition to any enforcement action that Bursa Securities may take, Bursa Securities shall suspend trading in the securities of MAXWELL.
The suspension shall be effected on the market day following the expiry of the Suspension Deadline and shall be uplifted on the market day following the announcement/issuance of the Annual Report 2015 unless otherwise determined by Bursa Securities. As such, the suspension will be effected on 10 May 2016.
Pursuant to Paragraph 9.28(6) of the MMLR, if MAXWELL fails to issue the Annual Report 2015 within 6 months from the expiry of the Timeframe, in addition to any enforcement action that Bursa Securities may take, de-listing procedures shall be commenced against MAXWELL.
game over already kah?.............MAXWELL will endeavour to announce/issue its Annual Report 2015 to Bursa Securities and shareholders not later than 2 months from 30 April 2016. ...............sure or not?...ha...ha...ha
According to the executive summary, Ferrier Hodgson MH had launched a search of the six advertising contractors (similar to the company searches made with the Companies Commission of Malaysia) and found that two of these companies “were not in existence” while one was no longer operational.
Ferrier Hodgson MH asked Maxwell International chief financial officer Tan Swee Song for actual on-site photographs of all the 390 billboards erected at the various sites before they were dismantled.
Tan, by email, forwarded 53 jpeg files which purportedly showed images of billboards of the relevant products being advertised.
“We had further conducted examination on the JPEG files particularly with respect to the properties and details of each of the JPEG files which suggests that the JPEG files have been created under Adobe Photoshop programme,” Ferrier Hodgson said.
OTHERS MAXWELL INTERNATIONAL HOLDINGS BERHAD ("MAXWELL" OR "THE COMPANY") Status of the Issuance of the Annual Report in respect of the financial year ended 31 December 2015 pursuant to Paragraph 9.28(4)(b) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad ("Bursa Securities")
MAXWELL INTERNATIONAL HOLDINGS BERHAD
Type Announcement Subject OTHERS Description MAXWELL INTERNATIONAL HOLDINGS BERHAD ("MAXWELL" OR "THE COMPANY") Status of the Issuance of the Annual Report in respect of the financial year ended 31 December 2015 pursuant to Paragraph 9.28(4)(b) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad ("Bursa Securities") Reference is made to the Company’s announcements dated 26 April 2016, 31 May 2016 and 30 June 2016.
The Board of Directors’ of Maxwell International Holdings Berhad (“MAXWELL” or “the Company”) hereby announces that the Company is still unable to issue or submit to Bursa Malaysia Securities Berhad (“Bursa Securities”) and shareholders its Annual Report that includes the annual audited financial statements together with the auditors’ and directors’ reports in respect of the financial year ended 31 December 2015 (“Outstanding Financial Statements/Annual Report 2015”) as the Company’s External Auditors, Messrs Baker Tilly Monteiro Heng (“Messrs BTMH”) is still in the midst of finalising the draft audit report.
In view of the above, MAXWELL is expecting to issue and submit its Annual Report 2015 by early August 2016.
Nobody aware what announcement today? I don't hold Maxwell but Msports and Xinghe so curious about fellow China counters well being. Wonder who sold at 2 sen before suspension.
Further to Listing Circular No.ILC-29042016-00024, kindly be advised that the above Company has on 5 August 2016 submitted its outstanding Annual Report 2015 for the financial year ended 31 December 2015 to Bursa Malaysia Securities Berhad for public release pursuant to Rule 9.23(1) of the Bursa Securities' Main Market Listing Requirements.
In view of the above, please be advised that trading in the Company's securities will resume with effect from 9.00 a.m., Monday, 8 August 2016.
hi tklim, inside the reports, bursa said " submitted its outstanding Annual Report " hello s outstanding Annual Report mean a very good reports , this can be lead maxwell up back to 0.08 ?
good or bad is not important for this moment, cash rm 370million, and nta rm 1.00, total liability only rm 30million. by the way, we are confident above this company account now.
the most interesting is the market price only 2 sen.
“Baker Tilly said, the management of Maxwell’s subsidiary Jinjiang Zhenxing Shoes & Plastics Co Ltd was unable to provide the relevant information and supporting documents on its placement of RM337.21mil with asset management company Jinjiang Jin Chuang Private Capital Management Co Ltd (Jin Chuang).”
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Erhern Ooi
21 posts
Posted by Erhern Ooi > 2016-03-16 10:57 | Report Abuse
Bursa only wants to make money by letting Chinese firm list in Malaysia. All Chinese firm share price will just go down.