Latest news with #LEAPMarket
Barnama
3 days ago
- Business
- Barnama
Bursa Malaysia Publicly Reprimands MCOM For Failing To Submit Audited Financials
BUSINESS KUALA LUMPUR, Aug 8 (Bernama) -- 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
The Sun
3 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
Uni Wall mulls transfer to ACE Market
PETALING JAYA: Another LEAP Market-listed company, Uni Wall Aps Holdings Bhd , could be making its way to the ACE Market of Bursa Malaysia. In a stock exchange filing, the manufacturer of aluminium architectural products said its major shareholders have written to request the company to consider undertaking a transfer of listing The shareholders are Hysiow Holdings Sdn Bhd, Siow Hon Yong and Siow Hon Yuen. Hon Yong is the chairman, while Hon Yuen is the managing director-cum-chief executive officer. 'The board (save for Hon Yong and Hon Yuen, being the proposing directors) will deliberate on the proposed transfer of listing. 'Further announcement on the above will be made in due course,' stated Uni Wall. If Uni Wall gets necessary approvals for the exercise, it will entail a voluntary withdrawal of its listing from the LEAP Market.
The Star
6 days ago
- Business
- The Star
Cloudaron to dispose of assets to Swedish firm
PETALING JAYA: Cloudaron Group Bhd is proposing to dispose of its entire stakes in Cloudaron Pte Ltd and DACS Network Solutions Sdn Bhd to Sweden's Abelco Investment Group AB for €7.8mil or approximately RM38.45mil. In a filing with Bursa Malaysia yesterday, Cloudaron said payment for the transaction will be fully in 17.94 billion new Abelco shares at Swedish krona 0.005 each, representing around 88.68% of Abelco's enlarged share base. Following completion, Cloudaron plans to distribute all Abelco shares it receives to its shareholders via a capital reduction and dividend-in-specie. The deal, deemed a major disposal and related party deal due to the involvement of non-executive chairman Datuk Gan Nyap Liou, is expected to result in a RM25.58mil loss for Cloudaron and leave it without active subsidiaries, potentially affecting its Bursa Malaysia LEAP Market listing status.
The Sun
30-06-2025
- Business
- The Sun
MyAxis Group makes strong debut on LEAP Market, plans RM11.3m capex to expand processing capacity
KUALA LUMPUR: Meat processor and distributor MyAxis Group Bhd plans to invest RM11.3 million in capital expenditure (capex) to expand its processing capacities following its LEAP Market debut. MyAxis intends to double its poultry capacity to 708,000 kg from 336,000 kg and triple red meat handling to 1.87 million kg from 624,000 kg. 'The investment will include an increase in the group's annual cold storage capacity by more than 10 times to 566,000 kg to cater for the increasing meat processing volume,' it said in a statement. The investment will be funded by bank borrowings, and internally generated funds, as well proceeds from its initial public offering (IPO) . Executive chairman Datuk Tan Hwa Sing said the operations of the new halal-certified processing facility are expected to commence in the next six to nine months. 'Hopefully, by the second quarter of next year, 2026, it will be able to contribute to our revenues. We are just waiting for the funds (IPO proceeds) to come in. From there, we will be able to move faster and expedite,' he said in a press conference after the listing ceremony today. The new processing facility is located near the Malaysia-Thailand border at Bukit Kayu Hitam with a built-up area of 17,567.7 square feet. The location helps in enhancing container security and ensuring product quality for frozen meats imported from Thailand. MyAxis is currently focused on the domestic market with supplies sourced from Thailand and China in an even 50:50 ratio. MyAxis opened at 18 sen on Bursa Malaysia's LEAP Market, a six-sen premium over its IPO price of 12 sen. Tan said the opening price reflects the market's confidence in myAxis of its growth potential, business model, and strategic development in the meat processing sector. 'We are very satisfied with the opening price.' The stock closed at 23 sen, 11 sen or 91.7% above the IPO price. Tan said the group is eyeing a transfer to the ACE Market within two years following its debut. He said the group plans to remain on the LEAP Market for two years while fully utilising funds raised from its IPO. 'By the end of 2026, we can talk to Bursa about transferring to the ACE Market. In July or early next year, production will start, and once the funds are fully utilised, only then can Bursa consider it (the transfer),' he disclosed. MyAxis has a dividend policy of paying 20.0% of net profit to the shareholders. The policy will be effective from the financial year ending July 31, 2026. MyAxis' IPO on the LEAP Market entailed a public issue of 44.1 million new shares to sophisticated investors, at an issue price of 12 sen per share, representing 12.9% of the enlarged share capital of the company. The overall value of the IPO is worth RM5.3 million. Out of the total proceeds of RM5.3 million, RM600,000 will be utilised for the purchase of machinery for its new meat processing facility, RM200,000 for brand building to strengthen awareness through promotions and advertising efforts and activities. A further RM3 million will be allocated for repayment of borrowings; RM500,000 for working capital and the remaining RM1 million for defraying listing expenses. The market capitalisation of MyAxis upon listing will amount to RM40.1 million. Zico Evolve Capital Sdn Bhd serves as the adviser for MyAxis' IPO exercise.
