Multi-Sports gets show-cause letter on delisting

PETALING JAYA: China-based Multi-Sports Holdings Ltd (MSports) has received a show-cause letter from Bursa Securities on the delisting of the company, following the rejection of its application for a further extension of time to submit its financial statements.

MSports has failed to announce/issue quarterly report for the financial year ended June 30 and September 30, 2016 as well as the annual report for the financial year ended December 31, 2015.

The company also failed to announce the outstanding financial statements to Bursa Securities on or before June 30, 2017 and no further extension of time is granted to the company.

MSports is required to make written representations supported by documentary evidence, if any, to Bursa Securities on or before July 10, as to why it should not be delisted.

In the event that Bursa Securities decides to de-list the company, its securities will be removed upon the expiry of seven market days from the date of notification of the delisting, unless an appeal is made within the prescribed timeframe.

However, if Bursa Securities decides not to delist MSports, other appropriate actions/penalties may be imposed pursunat to paragraph 16.19 of the Main Market Listing Requirements.

Trading in MSports share has been suspended since May 10, 2016 on the failure to issue its financial statements.