Snippets
Bursa M'sia Securities publicly reprimands MSPORTS
Focus Malaysia 02 Dec 2019 15:48

Bursa Malaysia Securities Berhad [Registration No.: 200301033577 (635998-W)] (“Bursa Malaysia Securities”) has publicly reprimanded Multi Sports Holdings Ltd (“MSPORTS” or “the Company”) for breaches of the Bursa Malaysia Securities Main Market Listing Requirements (“Main LR”).

MSPORTS was publicly reprimanded for committing the breaches of the following provisions of the Main LR:-

  1. paragraph 9.23(1) of the Main LR for failing to issue the Company’s annual report that included the annual audited financial statements together with the auditors’ and directors’ report for the financial year ended 31 December 2017 (“AR 2017”) on or before 30 April 2018. The AR 2017 was only issued on 7 June 2018, after a delay of 23 market days; and

  2. paragraph 9.22(1) of the Main LR for failing to announce the quarterly report for the financial period ended 31 March 2018 (“QR1 2018”) on or before 31 May 2018. The QR1 2018 was only announced on 14 June 2018, after a delay of 10 market days.

The Company had represented that there was no staff/organisational support and limited resources. However, a listed company has the obligation to establish a proper and effective finance function including the necessary resources to ensure timely preparation of the financial statements in accordance with the Main LR.

The finding of breach and imposition of the above penalties on MSPORTS was made pursuant to paragraph 16.19 of the Main LR upon completion of the due process and after taking into consideration all facts and circumstances of the matter including the materiality/impact of the breaches to MSPORTS and its shareholders/investors and that MSPORTS had previously breached the Main LR.

MSPORTS was also required to review and ensure the adequacy and effectiveness of its financial reporting function and ensure all its directors and the relevant personnel of the Company attend a training programme in relation to compliance with the Main LR particularly pertaining to financial statements.

While Bursa Malaysia Securities has not found any of MSPORTS’ directors to have caused or permitted the above breaches by the Company, Bursa Malaysia Securities wishes to highlight and remind that it is the duty of the directors to maintain appropriate standards of responsibility and accountability in ensuring compliance of the Main LR. The Board of Directors of MSPORTS at the material time of the breaches were as follows:

  1. Terence Selvarajah

  2. Naren Anand Gill

  3. Clarence Yeow Kong Chew

  4. Guan Swee Kwee

Bursa Malaysia Securities views the contraventions seriously as the timely submission of financial statements is one of the fundamental obligation of listed companies and is of paramount importance in ensuring a fair and orderly market for securities traded on Bursa Malaysia Securities and necessary to aid informed investment decisions.



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