Multi Sports to be delisted on Jan 31 unless appeal is submitted

TheEdge Tue, Jan 21, 2020 09:43am - 1 year ago

KUALA LUMPUR: China-based sports shoes manufacturer Multi Sports Holdings Ltd will be delisted from Bursa Malaysia on Jan 31, unless an appeal against the delisting is submitted to Bursa on or before Jan 28.

This is because the stock exchange regulator has dismissed the Practice Note 17 (PN17) company’s application for more time to submit its regularisation plan, the deadline for which was on Nov 13, 2019.

This means Multi Sports had failed to comply with its obligation to submit its regularisation plan by the stipulated time frame.

If the delisting proceeds, Multi Sports will be the second stock taken out of Bursa this month, after Perisai Petroleum Teknologi Bhd announced last Friday that it would be delisted tomorrow.

Multi Sports slipped into PN17 on Nov 13, 2017 after its external auditor Messrs RT LLP issued a disclaimer of opinion in respect of its annual report 2015. Among the concerns highlighted by the auditor were its inability to obtain sufficient audit evidence concerning Multi Sports’ inventories, investment in subsidiaries, tax provisions, litigation and risk to fraud.

Last month, Bursa publicly reprimanded Multi Sports for failing to issue its annual report for the financial year ended Dec 31, 2017 (AR 2017) on or before April 30, 2018. The AR 2017 was only issued on June 7, 2018 after a delay of 23 market days.

The company was also reprimanded for failing to announce its quarterly report for the financial period ended March 31, 2018 (1QFY18) on or before May 31, 2018. The 1QFY18 report was only announced on June 14, 2018 after a delay of 10 market days.

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