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Bursa reprimands MCOM Holdings for Leap Market breach
Bursa reprimands MCOM Holdings for Leap Market breach

New Straits Times

time4 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.

MCOM Holdings to submit appel against potential de-listing from LEAP Market
MCOM Holdings to submit appel against potential de-listing from LEAP Market

New Straits Times

time02-05-2025

  • Business
  • New Straits Times

MCOM Holdings to submit appel against potential de-listing from LEAP Market

KUALA LUMPUR: LEAP Market-listed MCOM Holdings Bhd said it will make a written representation to Bursa Malaysia as to why its securities should not be delisted within five market days from today. In a filing with Bursa Malaysia today, the company said it had received a notice from Bursa Securities on the matter due to its failure to announce its annual audited financial statements, as well as the auditors' and directors' reports for the financial period ended June 30, 2024. The financial statements and the reports were due on Oct 31, 2024, in accordance with Rule 6.13 of the LEAP Listing Requirements. It said Bursa Securities has granted it five market days to submit written representations explaining why its securities should not be delisted. "In the event Bursa Securities decides to de-list the company, the securities of the company shall be removed from the official list of Bursa Securities upon the expiry of seven market days from the date of notification of the decision to de-list or upon such other date as may be specified by Bursa Securities unless an appeal is made within the prescribed timeframe," MCOM said.

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