Bursa Malaysia publicly reprimands Multi Sports Holdings

02 Dec 2019 / 22:25 H.

PETALING JAYA: Bursa Malaysia Securities Bhd has publicly reprimanded Multi Sports Holdings Ltd for breaching the Main Market Listing Requirements (LR).

The group said in a Bursa filing that it had failed to issue its annual report for the financial year ended Dec 31, 2017 on or before April 30, 2018. The report was only published on June 7, 2018, after a delay of 23 market days.

Multi Sports also failed to announce its quarterly report for the financial period ended March 31, 2018 on or before May 31, 2018. The Q1’18 results were only announced on June 14, 2018, after a delay of 10 market days.

While the company claimed that there was no staff or organisational support and limited resources, Bursa Malaysia said a listed company has the obligation to establish a proper and effective finance function including the necessary resources to ensure timely preparation of the financial statements in accordance with the Main Market LR.

Multi Sports was required to review and ensure the adequacy and effectiveness of its financial reporting function and ensure all its directors and the relevant personnel of the company attend a training programme in relation to compliance with the Main LR particularly pertaining to financial statements.

Bursa Malaysia stated that it has not found any of Multi Sports directors to have caused or permitted the above breaches.

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