KUALA LUMPUR, Nov 1 — Bursa Malaysia Securities Bhd has publicly reprimanded Multi Sports Holdings Ltd (MSports) and five directors for breaching the Main Market Listing Requirements (Main LR).
In a statement today, Bursa Malaysia said, the company’s three directors were also fined a total of RM1.656 million as at to-date.
“MSports has failed to announce/issue its annual report for the financial years ended Dec 31, 2015 and Dec 31, 2016, and quarterly reports from the period ended June 30, 2016 until June 30, 2017 within the stipulated timeframes, in contravention of the Main LR,” it said.
MSports was also reprimanded for corporate governance breaches, for delaying the appointment of independent directors last year and subsequently failing to elect a chairman among the members of its audit committee, it said.
Bursa Malaysia said the company was also reprimanded for foreign listing requirements breaches, disclosure breaches and non-compliance with the bourse’s directives.
The exchange said it viewed the contraventions seriously as the timely and accurate disclosure of material information and submission of financial statements were fundamental obligations of listed companies.
“These obligations are of paramount importance in ensuring a fair and orderly market for securities traded on Bursa Malaysia Securities and necessary to aid informed investment decisions,” it said.
The exchange said MSports was required to ensure all its directors and the relevant company personnel attend a training programme in relation to compliance with the Main LR particularly pertaining to financial statements.
“The company was also required to ensure its board of directors review and assess the adequacy and competency of its finance and accounting resources and adequacy, comprehensiveness and effectiveness of the company’s policies and procedures in respect of financial reporting and implementation of the same,” it said. — Bernama
