KUALA LUMPUR: Land & General Bhd has announced that Vietnam Industrial Investments Ltd, a company in which it has a 9.14% stake, has been removed from the Australian Securities Exchange's (ASX) official list.

       In a filing with Bursa Malaysia Land & General said the ASX's decision to remove Vietnam Industrial Investments from the official list was owing to its faillure to meet the deadline for the submission of its financial statements.

       The stock was removed from the official list from the commencement of trading on Oct 29, 2021.

       As at March 31, 2021, Land & General had written down the fair value of its investment in Vietnam Industrial Investments to 50% discount from its last traded price of 31 Australian cents per share prior to its Sept 16, 2019 suspension.

       "The Company is still assessing the fair value for its investments in VII given that VII’s latest publicly available financial statement for the half year ended 30 June 2020 was issued with a disclaimer of opinion by its auditors with respect to, amongst others, recoverability of VII Group’s loans, advances and receivables from its strategic partner, Nam Thuan Steel Joint Stock Company, and emphasis of matter on the material uncertainties on the going concern of VII Group," said Land & General.

       It added that an announcement will be made once the assessment of fair value for its investment in Vietnam Industrial Investments is completed.