Quick take: Ire-Tex down 11% after slipping into PN17

KUALA LUMPUR: Ire-tex Corp Bhd’s share price fell over 11% in early trade this morning after it became a Practice Note 17 (PN17) company.

The packaging company shed 11.11%, one sen to eight sen, its lowest since early July, with 386,500 shares traded.

Ire-Tex is engaged in the production of polymer-based protective packaging products, and other related products.

The company has slipped into PN 17 after its external auditors, Nexia SSY PLT expressed a disclaimer of opinion on the company’s financial statements for the financial year ended June 30,2019.

The classification is immediate as the company had failed to announce to the exchange upon triggering the criteria, that is, its auditors had expressed an adverse or disclaimer opinion in the company’s latest audited financial statements, on an immediate basis. This is in accordance with Paragraph 4.1(a) of PN17 of the Main Market listing requirements.

Bursa Securities said it will continue to monitor the progress of the company in respect of its compliance with the Main Market LR.

For the three-month period ended June 30,2019, Ire-Tex posted a net profit of RM11.86 million against a net loss of RM988,000 in the same quarter a year ago.

Source: TheStar