Multi Sports’ Taiwan Depository Receipts Programme delisted

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.