Audit Report - Modified Opinion / Material Uncertainty Related To Going Concern : Material Uncertainty Related To Going Concern

Pursuant to paragraph 9.19(37) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad ("Bursa Securities"), kindly note that the Company's external auditors, PricewaterhouseCoopers PLT, have issued an unqualified audit opinion with emphasis of matter on material uncertainty relating to going concern in respect of REB’s audited financial statements for the financial year ended 31 December 2023.

Extract from Independent Auditors’ Report:

Emphasis of Matter

“We draw attention to Note 3.1 to the financial statements, which indicates that the Group and the Company incurred losses of RM356.3 million and RM107.4 million respectively during the financial year ended 31 December 2023 and, as of that date, the Group’s and the Company’s current liabilities exceeded current assets by RM132.4 million and RM4.2 million respectively. As stated in Note 3.1 to the financial statements, these events or conditions, along with other matters as set forth in that note, indicate that a material uncertainty exists that may cast significant doubt on the Group and Company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.”

None of the Key Audit Matters Disclosed in the Independent Auditors’ Report relates to the above Emphasis of Matter.

Please refer to the announcement of Annual Report 2023 dated 30 April 2024 which consists of the details of the Independent Auditors’ Report for Other Key Audit Matters.

We have appointed TA Securities Holdings Berhad (“TA Securities”) as the principal adviser to assist us in the formulation of a regularisation plan, the details of which will be announced in due course.

Bursa Securities had vide its letter dated 16 April 2024 resolved to grant the Company an extension of time of six months up to 2 October 2024 to submit its regularisation plan to the relevant regulatory authorities for approval.

The Board of Directors and its Principal Advisor in the midst of formulating a detailed regularisation plan for submission and subsequent approval by the relevant authorities.

This announcement is dated 30 April 2024.

Announcement Info