Kuala lumpur: Bursa Malaysia Securities Bhd (Bursa Malaysia) has publicly reprimanded MCOM Holdings Bhd for failing to announce its annual audited financial statements (AFS) for the 18-month financial period ended June 30, 2024, by the Oct 31, 2024 deadline.

According to BERNAMA News Agency, Bursa Malaysia found MCOM in breach of LEAP Market listing requirements (LEAP LR) for not issuing the audited financial statements together with the auditors’ and directors’ reports within the stipulated timeframe. ‘As of now, MCOM has yet to announce the AFS 2024,’ it stated in a stock exchange filing.

Bursa Malaysia emphasized that the breach is serious as timely submission of financial statements is a fundamental obligation of listed companies. This requirement is crucial to ensure an orderly and fair market for securities traded on Bursa Malaysia Securities and is necessary for informed investment decisions.

The stock exchange regulator noted that MCOM attributed the delay to insufficient and inexperienced accounting staff, high turnover, and the resignation of its external auditors on Oct 29, 2024, due to unsettled audit fees.

The regulator stated that these reasons do not justify the delay, as all listed companies are required to have the necessary funds and resources, including adequate finance and accounting staff, to prepare their financial statements and ensure compliance with listing requirements.

Bursa Malaysia also reported that MCOM failed to demonstrate reasonable efforts, including paying the outstanding audit fees to the external auditors, to enable the commencement of the audit and the issuance of the AFS 2024 by the due date.

The stock exchange noted that de-listing procedures have been initiated against MCOM. However, it has decided to defer the de-listing on the condition that the company announces the AFS 2024 on or before Aug 31, 2025, as represented by MCOM. The extension also considered that MCOM had appointed a new auditor on May 21, 2025.