Multi Sports’ Tai­wan De­pos­i­tory Re­ceipts Pro­gramme delisted

The Sun (Malaysia) - - SUNBIZ -

PE­TAL­ING JAYA: Multi Sports Hold­ings Ltd yes­ter­day an­nounced that its list­ing in Tai­wan un­der a Tai­wan De­pos­i­tory Re­ceipts pro­gramme has been delisted as at Nov 1.

The China-based com­pany told Bursa Malaysia that the delist­ing was due to its fail­ure to is­sue the 2015 an­nual fi­nan­cial reports and the 2016 half-year fi­nan­cial reports as re­quired un­der the Tai­wan Se­cu­ri­ties Ex­change Act and reg­u­la­tions.

Multi Sports said the board is in the process of col­lat­ing in­for­ma­tion and car­ry­ing out the in­de­pen­dent in­ves­ti­ga­tions and re­view of the com­pany as man­dated by its share­hold­ers at the spe­cial gen­eral meet­ing held on Oct 4.

“The new direc­tors are not in a po­si­tion to give fur­ther de­tails of the in­ves­ti­ga­tions at present but will do so as and when ap­pro­pri­ate,” it said.

Multi Sports noted that the board will make fur­ther an­nounce­ments to Bursa Malaysia on the de­vel­op­ment of the above mat­ter in due course.

In a sep­a­rate an­nounce­ment, Multi Sports high­lighted that it had met with its au­di­tors Messrs RT LLP to dis­cuss the 2015 au­dit and is­sues that had pre­vented the sub­mis­sion of the au­dited fi­nan­cial state­ments for the fi­nan­cial year ended Dec 31, 2015.

It is now work­ing to­wards re­solv­ing and ad­dress­ing the is­sues to al­low the au­dited 2015 fi­nan­cial state­ments to be sub­mit­ted.

Multi Sports also re­vealed its fail­ure to sub­mit its quar­terly re­port ended June 30, 2016 on Aug 31, 2016 and that the quar­terly re­port ended Sept 30, 2016 will not be avail­able for sub­mis­sion to Bursa Malaysia by Nov 30, 2016.

“This is due to the fact that the board was newly ap­pointed on Oct 4, 2016 and the board is in the midst of ad­dress­ing the out­stand­ing reg­u­la­tory re­quire­ments and is­sues.

In ad­di­tion, the board also re­quires ad­di­tional time to gather and check the nec­es­sary fi­nan­cial in­for­ma­tion prior to the is­suance of the out­stand­ing quar­ter re­sults,” it said.

Multi Sports added that the out­stand­ing 2015 an­nual reports and the out­stand­ing quar­terly re­sults are to be is­sued by or be­fore Fe­bru­ary 14, 2017.

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