SHARES of Sumatec Resources Bhd took a beating this week, plunging over 30% after external auditor Grant Thornton Malaysia cast doubt on the oil and gas (O&G) firm’s ability to continue as a going concern – turning it into a Practice Note 17 (PN17) company.

At 5pm yesterday, the stock ended half-a-sen higher at 4.5 sen.

This is not the first time that Sumatec has been categorised a PN17 company.

It was categorised under that status in 2011, resulting from its auditors expressing a disclaimer opinion in relation to its audited financial statements for the financial year ended Dec 31, 2010.

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