Latest news with #BursaMalaysiaSecuritiesBhd
The Sun
5 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
5 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
Malaysian Reserve
6 days ago
- Business
- Malaysian Reserve
Annum to be delisted from Bursa on Aug 12 after failed appeal for time extension
PRACTICE Note 17 (PN17) company Annum Bhd will be delisted from the Official List of Bursa Malaysia Securities Bhd on Aug 12, 2025, after the regulator dismissed its appeal for more time to submit a regularisation plan. In a letter dated Aug 7, Bursa Securities informed the company of its decision to reject Annum's application for a six-month extension to submit the plan and proceed with the delisting pursuant to Paragraph 8.04 of the Main Market Listing Requirements. Following the delisting, the company's securities, currently deposited with Bursa Malaysia Depository Sdn Bhd, will be withdrawn by Annum, and the company will continue to maintain the shareholders' information in its register. While shareholders will hold shares that are no longer quoted or traded on Bursa, their rights remain protected under the Companies Act 2016. — TMR
The Star
14-07-2025
- Business
- The Star
Bursa Malaysia reprimands Zetrix AI, fines seven directors RM150,000 each
KUALA LUMPUR: Bursa Malaysia Securities Bhd has publicly reprimanded Zetrix AI Bhd, formerly known as MyEG Services Bhd , and fined seven directors for breaching the Bursa Malaysia Securities Main Market listing requirements (LR). The stock exchange operator imposed a fine of RM150,000 on each director, including the company's group managing director, Wong Thean Soon; executive chairman Datuk Dr Norraesah Mohamad; and non-independent non-executive director, Datuk Mohd Jimmy Wong Abdullah. Also reprimanded and fined were independent non-executive directors Wong Kok Chau, Datuk Seri Mohd Mokhtar Mohd Shariff, Datuk Mohd Jeffrey Joakim and Mohaini Mohd Yusof. According to Bursa Malaysia Securities, the findings of breach and the imposition of penalties on the company and the directors were made pursuant to paragraph 16.19 of the Main Market LR upon completion of due process and after taking into consideration all facts and circumstances of the matter. These included the materiality of the breaches, the impact of the breaches on the company and shareholders/investors, and the roles, responsibilities, knowledge, involvement and conduct/action/inaction of the directors. "Bursa Malaysia Securities has also reminded the company and its board of directors of their responsibility to maintain the appropriate standards of corporate responsibility and accountability to its shareholders and the investing public," it said in a statement. On July 7, 2023, Zetrix AI announced that the company received a notification letter dated July 4, 2023 from the Ministry of Home Affairs (MOHA) to confirm that the Ministry of Finance (MOF) had approved for the company to be appointed as the collection agent for the government revenue and to extend its role as the provider of online services for the Immigration Department of Malaysia. "However, the July 7 announcement was not factual, inaccurate, false and misleading as the contents of the July 4 letter were inconsistent with the company's representations in the July 7 announcement," said Bursa Malaysia Securities. - Bernama
Barnama
14-07-2025
- Business
- Barnama
Bursa Malaysia Reprimands Zetrix AI, Fines Seven Directors RM150,000 Each
BUSINESS KUALA LUMPUR, July 14 (Bernama) -- Bursa Malaysia Securities Bhd has publicly reprimanded Zetrix AI Bhd, formerly known as MYEG Services Bhd, and fined seven directors for breaching the Bursa Malaysia Securities Main Market listing requirements (LR). The stock exchange operator imposed a fine of RM150,000 on each director, including the company's group managing director, Wong Thean Soon; executive chairman Datuk Dr Norraesah Mohamad; and non-independent non-executive director, Datuk Mohd Jimmy Wong Abdullah. Also reprimanded and fined were independent non-executive directors Wong Kok Chau, Datuk Seri Mohd Mokhtar Mohd Shariff, Datuk Mohd Jeffrey Joakim and Mohaini Mohd Yusof. According to Bursa Malaysia Securities, the findings of breach and the imposition of penalties on the company and the directors were made pursuant to paragraph 16.19 of the Main Market LR upon completion of due process and after taking into consideration all facts and circumstances of the matter. These included the materiality of the breaches, the impact of the breaches on the company and shareholders/investors, and the roles, responsibilities, knowledge, involvement and conduct/action/inaction of the directors. "Bursa Malaysia Securities has also reminded the company and its board of directors of their responsibility to maintain the appropriate standards of corporate responsibility and accountability to its shareholders and the investing public," it said in a statement. On July 7, 2023, Zetrix AI announced that the company received a notification letter dated July 4, 2023 from the Ministry of Home Affairs (MOHA) to confirm that the Ministry of Finance (MOF) had approved for the company to be appointed as the collection agent for the government revenue and to extend its role as the provider of online services for the Immigration Department of Malaysia. "However, the July 7 announcement was not factual, inaccurate, false and misleading as the contents of the July 4 letter were inconsistent with the company's representations in the July 7 announcement," said Bursa Malaysia Securities. -- BERNAMA
