Auditor casts doubt on Perwaja's going concern status

Kuala Lumpur

AN independent auditor has issued a disclaimer of opinion on the financial statements of loss-making Perwaja Holdings Bhd as it has not been able to obtain sufficient appropriate audit evidence because of too many "material uncertainties" in the ability of the steelmaking group to continue as a going concern.

Perwaja, established in the early 1980s under former Prime Minister Dr Mahathir Mohamad as part of his plan to industrialise Malaysia, lost 21 per cent to 5.5 sen on Monday. Kinsteel Bhd its major shareholder was traded unchanged at 3 sen.