KUALA LUMPUR: Bursa Malaysia Securities Bhd (Bursa Malaysia) has publicly reprimanded MCOM Holdings Bhd
for failing to announce its annual audited financial statements (AFS) for the 18-month financial period ended June 30, 2024, by the Oct 31, 2024 deadline.
Bursa Malaysia said MCOM was found in breach of LEAP Market listing requirements (LEAP LR) for not issuing the audited financial statements together with the auditors’ and directors’ reports within the stipulated timeframe. "As of now, MCOM has yet to announce the AFS 2024,” it said in a stock exchange filing.
"Bursa Malaysia views the breach seriously as timely submission of financial statements is a fundamental obligation of listed companies and of paramount importance in ensuring an orderly and fair market for securities traded on Bursa Malaysia Securities and is necessary to aid informed investment decisions,” it said.
The stock exchange regulator noted that MCOM attributed the delay to insufficient and inexperienced accounting staff, high turnover, and the resignation of its external auditors on Oct 29, 2024, over unsettled audit fees.
"These reasons do not justify the delay, as all listed companies are required to have the necessary funds and resources, including sufficient and available finance and accounting staff, to prepare their financial statements and ensure compliance with the listing requirements.
"MCOM also failed to demonstrate reasonable efforts, including paying the outstanding audit fees to the external auditors, to enable the commencement of the audit and the issuance of the AFS 2024 by the due date,” it said.
Bursa Malaysia said that de-listing procedures have been initiated against MCOM, but it has "decided to defer the de-listing on the condition that the company announces the AFS 2024 on or before Aug 31, 2025, as represented by MCOM.”
The extension also took into account that MCOM had appointed a new auditor on May 21, 2025, it added. - Bernama
