What are the specific listing requirements MSports breached?

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Specific Listing Requirements Breached by Multi Sports Holdings Ltd

Multi Sports Holdings Ltd (MSports) has been publicly reprimanded by Bursa Malaysia Securities Bhd for multiple breaches of the Main Market Listing Requirements (Main LR). These violations encompass failures in timely financial reporting, corporate governance, and adherence to disclosure obligations. The exchange views these contraventions seriously due to their impact on market fairness and informed investment decisions.
Failure to Submit Financial Reports

MSports failed to announce and issue its annual reports for the financial years ending December 31, 2015, and December 31, 2016. Furthermore, the company did not submit its quarterly reports within the stipulated timeframes for the periods spanning from June 30, 2016, to June 30, 2017. These omissions directly contravene the Main LR concerning the timely disclosure of financial statements.
Corporate Governance and Disclosure Breaches

The company committed corporate governance breaches through delays in appointing independent directors last year. Additionally, MSports failed to elect a chairman from its audit committee members, another breach of governance protocols. The reprimand also includes violations related to foreign listing requirements and general disclosure breaches.
Non-Compliance with Exchange Directives

Beyond specific reporting and governance requirements, MSports also failed to comply with directives issued by Bursa Malaysia. The exchange emphasised that timely and accurate disclosure of material information and the submission of financial statements are fundamental obligations for listed companies, crucial for maintaining an orderly market and facilitating informed investment decisions.

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What are the specific listing requirements MSports breached?

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