Global Carriers appoints restructure adviser

Kuala Lumpur: Financially troubled Global Carriers announced that the company has appointed M&A Securities Sdn Bhd as the principal adviser for the Company's regularisation plan.
The firm has been in the process of formulating a regularisation plan for many months as it struggles to address its PN17 status, issued by Bursa Malaysia to companies in financial distress. Global Carriers needs to submit their proposal to restructure and revive the company in order to maintain its listing status.
In July the company announced it will not be able to issue its annual report for the financial period from the fiscal year of 2012 by June 30 due to the delay in receiving the annual audited financial statements from the company’s auditor SJ Grant Thornton (SJGT). However, SJGT issued a disclaimer of opinion on the group’s autidited accounts. “We were unable to obtain sufficient appropriate audit evidence regarding the ability of the group and the company to achieve sustainable and viable operations and to generate adequate cash flows for its operating activities,” said the auditor. [13/12/13]

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