KUALA LUMPUR: Bursa Malaysia Securities Bhd has publicly reprimanded MCOM Holdings Bhd for failing to submit its annual audited financial statements for the 18-month period ended June 30, 2024, by the October 31, 2024 deadline.
The breach of LEAP Market listing requirements involved MCOM not issuing the audited financial statements alongside the auditors’ and directors’ reports on time.
Bursa Malaysia stated, “As of now, MCOM has yet to announce the AFS 2024.”
The regulator emphasised that timely financial submissions are crucial for maintaining a fair and orderly market.
MCOM cited insufficient accounting staff, high turnover, and the resignation of its external auditors on October 29, 2024, as reasons for the delay.
Bursa Malaysia dismissed these justifications, stating that listed companies must have adequate resources to meet compliance obligations.
The regulator noted MCOM’s failure to settle outstanding audit fees, which hindered the audit process.
De-listing procedures were initiated but deferred on the condition that MCOM submits the financials by August 31, 2025.
The extension was granted after MCOM appointed a new auditor on May 21, 2025. – Bernama