3 days ago
- Business
- New Straits Times
Bursa reprimands MCOM Holdings for Leap Market breach
KUALA LUMPUR: Bursa Malaysia has issued a public reprimand to MCOM Holdings Bhd for violating the Leap Market's listing requirements (Leap LR).
The exchange said MCOM had breached Rule 6.13 of the listing requirements by failing to disclose its annual audited financial statements, along with the required information under Part B of Appendix 6A, as well as the auditors' and directors' reports.
The reprimand was imposed under Rule 8.12 of the LEAP LR after the conclusion of due process, with Bursa considering all relevant facts, including the seriousness and impact of the breach.
"MCOM has yet to announce the reports as at to-date," it said.
Bursa Malaysia also instructed MCOM to make sure its board of directors reviews whether the company has enough skilled finance and accounting staff, and checks if its financial reporting policies and procedures are clear, complete, properly implemented and effective.
The bourse said it takes the breach seriously because submitting financial statements on time is a basic and important duty of listed companies.
It reminded MCOM of its responsibility to uphold proper corporate accountability to shareholders and the public.
