KUALA LUMPUR: Bursa Malaysia has rejected Multi Sports Holdings Ltd's application to delay the issuance of the China-based shoe manufacturer's 2019 annual report from October 31 this year to December 31.
Multi Sports said it had failed to issue the document within the relevant timeframe due to the resignation its former auditor, Messrs RT LLP.
“The auditor was disqualified by the Securities Commission from undertaking any audit work for listed companies in Malaysia,” it said in a filing to Bursa Malaysia today.
The firm said it also had difficulties in finding and appointing a new auditor to take over and the new auditor appointment still had to be finalised.
“The company hopes to be in a position to issue the annual report to Bursa and the shareholders by January 31, 2020.”
Multi Sports said in the event the company failed to submit the annual report within five market days after November 7, the suspension of shares trading on Bursa would be affected on the next market day at 9.00 am.
This is in addition to any enforcement action that Bursa Securities may take, it added.
Meanwhile, the firm said de-listing procedures would begin if Multi Sports failed to issue the annual report within six months after November 7.
“However, the de-listing procedures also are subject to submission of a regularisation plan by November 13, as announced by the company on October 1, 2019,” it added.