Latest news with #AFS2024
The Sun
4 days ago
- Business
- The Sun
Bursa Malaysia reprimands MCOM for delayed audited financials
KUALA LUMPUR: Bursa Malaysia Securities Bhd has publicly reprimanded MCOM Holdings Bhd for failing to submit its annual audited financial statements for the 18-month period ended June 30, 2024, by the October 31, 2024 deadline. The breach of LEAP Market listing requirements involved MCOM not issuing the audited financial statements alongside the auditors' and directors' reports on time. Bursa Malaysia stated, 'As of now, MCOM has yet to announce the AFS 2024.' The regulator emphasised that timely financial submissions are crucial for maintaining a fair and orderly market. MCOM cited insufficient accounting staff, high turnover, and the resignation of its external auditors on October 29, 2024, as reasons for the delay. Bursa Malaysia dismissed these justifications, stating that listed companies must have adequate resources to meet compliance obligations. The regulator noted MCOM's failure to settle outstanding audit fees, which hindered the audit process. De-listing procedures were initiated but deferred on the condition that MCOM submits the financials by August 31, 2025. The extension was granted after MCOM appointed a new auditor on May 21, 2025. - Bernama
The Star
4 days ago
- Business
- The Star
Bursa Malaysia publicly reprimands MCOM for failing to submit audited financials
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
New Straits Times
28-07-2025
- Business
- New Straits Times
Smile-Link Healthcare reprimanded for Leap Market listing breach
KUALA LUMPUR: Bursa Malaysia has issued a public reprimand to Smile-Link Healthcare Global Bhd for violating the Leap Market listing requirements. The stock exchange said Smile-Link Healthcare failed to announce its audited financial statements (AFS 2024) including the auditors' and directors' reports for the 18-month financial period ending June 30, 2024, by the deadline of Oct 31, 2024. "Smile-Link only released the AFS 2024 on April 31, 2025, resulting in a six-month delay," it said in a statement. Bursa said the delay was primarily due to unresolved issues and disputes with the company's external auditors, which eventually led to their removal on Jan 20, 2025. However, it said the delay was unjustified, stressing that all listed companies are expected to fulfil their recurring regulatory obligation to announce financial statements on time. "Bursa Malaysia views the breach seriously as timely submission of financial statements is a fundamental obligation of listed companies and is of paramount importance in ensuring an orderly and fair market for securities traded. "Bursa Malaysia has also reminded Smile-Link and its board of directors of their responsibilities to maintain the appropriate standards of corporate responsibility and accountability to its shareholders and the investing public," it said.
