PETALING JAYA: Multi Sports Holding Bhd’s application to delay the issuance of its annual report 2019 to Dec 31, 2019 from the current deadline of Oct 31, 2019 has been rejected by Bursa Malaysia Securities Bhd.
The group told the local bourse that it failed to issue the report within the relevant timeframe due to the resignation of its former auditors Messrs RT LLP with their notice of resignation dated Nov 28, 2018 which was received on Dec 31, 2018.
Subsequently, Multi Sports had experienced difficulties in finding and appointing a new auditor to take over and RT LLP was disqualified by Securities Commission’s audit oversight board from undertaking any audit work for listed companies in Malaysia.
In the event that the group failed to submit its annual report 2019 within five market days after the expiry of the relevant time frame, it will be subjected to a suspension of trading, in addition to any enforcement action that Bursa Securities may take.
Furthermore, if Multi Sports fails to issue the report within six months, de-listing will be commenced against it.
However, the group’s de-listing procedures also are subject to submission of a regularisation plan by Nov 13, 2019.
Currently it has identified a new auditor willing to take on the role but the appointment still has to be finalised.