#Update* Ho Hup faces suspension on May 10

KUALA LUMPUR: Ho Hup Construction Co Bhd faces trading suspension on May 10 after it failed to provide the audited financial statement for the financial year ended Dec 31, 2009 (AFS FY2009) by the April 30 deadline.

Under the Main Market Listing Requirements of Bursa Malaysia Securities Bhd, it must announce to Bursa Securities its AFS FY09 within four months from the closure of the FY, that is on or before April 30.

Ho Hup directors said the company was unable to issue its AFS FY09 within the relevant timeframe. Among the reasons for not doing so are because the new board took office on March 17, 2010, which is less than two months from the April 30 deadline to submit the AFS FY09.

"During this short time, the board is required to address the numerous audit issues compiled by Messrs. Ernst & Young," it said.

Ho Hup added Ernst & Young's time and commitment in this matter had also been drawn away by the various significant business issues such as stabilising the operations and addressing the joint development agreement.

The suspension of trading will be effected on the next market day after the expiry of five market days from the relevant timeframe. The suspension of trading will be effected on May 10.

Ho Hup said the management and board of directors are working closely with the company's Auditors to finalise the AFS FY09 and to resolve the final technical queries and administrative points raised by Ernst and Young.

"The expected earliest date of issuance of the AFS FY09 is May 7," it said.

Ho Hup, had on April 28, submitted an appeal letter to Bursa Securities on the extension of time of one week until May 7 to submit the AFS FY09 and pending their decision.