NOVA MSC BERHAD
31 October 2025
| Type | Announcement |
| Subject | AUDIT REPORT – MODIFIED OPINION / MATERIAL UNCERTAINTY RELATED TO GOING CONCERN QUALIFIED OPINION |
| Description |
NOVA MSC BERHAD (“NOVAMSC” OR “COMPANY”) – QUALIFIED OPINION ON THE AUDITED FINANCIAL STATEMENTS FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2025 |
Pursuant to Rule 9.19(38) of the ACE Market Listing Requirements of Bursa Malaysia Securities Berhad, the Board of Directors of NovaMSC (“Board”) wishes to announce that the Company’s external auditor, Messrs LTTH PLT (“Group Auditor”) had opined, except for the possible effects of the matter described in the Basis for Qualified Opinion as disclosed below, the accompanying financial statements give a true and fair view of the financial position of the Group and of the Company as at 30 June 2025.
A. BASIS FOR QUALIFIED OPINION
Please refer to the Appendix I for the details of the qualified opinion.
The Board and management have noted the auditors’ comments and stand by the Company’s position that the impairment assessment was performed in accordance with applicable accounting standards.
B. STEPS TAKEN OR PROPOSED TO BE TAKEN TO ADDRESS THE MATTERS THAT RELATES TO THE QUALIFIED OPINION
The Company will continue to actively engage with potential customers and business partners to secure new contracts and commercial opportunities, further supporting the recoverability of the development expenditures.
The Company will also evaluate the engagement of an independent accounting or valuation firm to review the impairment model and underlying assumptions, subject to consideration of the associated costs and practicality. Should such a review be undertaken, the findings will be shared with the Group Auditors to ensure a consistent and mutually understood approach for subsequent reporting periods.
C. TIMELINE FOR THE STEPS
Barring any unforeseen circumstances, the Group expects to resolve the issue relating to the qualified opinion as mentioned above within the next financial year.
The Board wishes to highlight that the qualification does not have any material impact on the Group’s financial position, operations, or going-concern status. The Group remains financially sound and continues to execute its business strategies to drive sustainable growth and enhance shareholder value.
The Company will make further announcement(s) to Bursa Malaysia Securities Berhad should there be any material developments on this matter.
Please refer attachment below.
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