KUALA LUMPUR, Bursa Malaysia Securities Bhd has issued a public reprimand to MCOM Holdings Bhd for failing to submit its annual audited financial statements (AFS) for the 18-month financial period ended June 30, 2024, by the Oct 31, 2024 deadline.
In a filing, Bursa Malaysia said MCOM breached the LEAP Market listing requirements by not releasing the audited statements together with the auditors’ and directors’ reports within the stipulated timeframe. As of now, the AFS 2024 has yet to be announced.
The exchange stressed that timely submission of financial statements is a fundamental duty of listed companies, essential for maintaining an orderly and fair market and enabling informed investment decisions.
MCOM attributed the delay to a lack of experienced accounting staff, high turnover, and the resignation of its external auditors on Oct 29, 2024, due to unpaid audit fees. However, Bursa said these reasons were unacceptable, noting that listed companies must ensure they have the necessary funds, resources, and qualified finance staff to meet compliance obligations.
It added that MCOM failed to take reasonable steps, such as settling the audit fees, to allow the audit to begin and the AFS to be issued on time.
Bursa confirmed that de-listing procedures had been initiated but decided to defer them, on the condition that MCOM announces the AFS 2024 by Aug 31, 2025, as promised. The decision also considered MCOM’s appointment of a new auditor on May 21, 2025.
