Bursa Malaysia Securities Bhd publicly reprimands Multi Sports Holdings Ltd (MSH) for breaches of the Bursa Malaysia Securities Main Market listing requirements, citing its failure to issue the company’s 2017 annual report and 1Q18 financial results on time as the reason.
The annual report, which was supposed to be issued on or before April 30, 2018, was only issued on June 7, after 23 market days. The 1Q18 results, which were for the financial period ended March 31, 2018, were only announced on June 14, after 10 market days.
MSH said 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 financial statements in accordance with the Main Market listing requirements,” Bursa noted in its press release.
In addition to the reprimand, MSH is also required to 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 for compliance with the Main Market listing requirements, particularly pertaining to financial statements.
While Bursa has not found any particular directors of MSH at fault, the regulator states that it is the duty of the directors to maintain appropriate standards of responsibility and accountability.
Bursa named Terence Selvarajah, Naren Anand Gill, Clarence Yeow Kong Chew and Guan Swee Kwee as the directors of MSH at the time of the breaches.
The regulator also stated that it views these breaches seriously, as “the timely submission of financial statements is one of the fundamental obligations of listed companies”.
“(This) 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,” it added.