Regulators give extension for listed issuers to prepare financial statement

by TMR/ pic by MUHD AMIN NAHARUL

THE Securities Commission Malaysia (SC) and Bursa Malaysia Berhad (Bursa Malaysia) announced temporary relief measures  that will allow listed issuers more time to prepare their financial statements and put in place regularisation plans amid the Covid-19 pandemic.

An automatic 1-month extension will apply for the issuance of quarterly and annual reports for the Main and ACE Markets as well as semi-annual and annual audited financial statements for the LEAP Market, which are due on 28 February 2021, 31 March 2021 or 30 April 2021 respectively.

“Notwithstanding the 1-month extension, listed issuers are reminded to comply with the disclosure obligations under the Listing Requirements, including making immediate announcements of any material information to ensure that shareholders and investors have access to information in a timely manner,” SC and Bursa noted.

The regulators also granted relief to listed issuers with unsatisfactory financial conditions and inadequate levels of operations in the form of 12-month relief period for a listed issuer that has announced between 1 January 2021 and 30 June 2021, that it has insignificant business or operations.

This relief allows such listed issuers to reassess its condition at the end of the relief period before making the requisite announcements.

It also includes a 24-month regularisation timeframe, instead of 12 months, for a listed issuer that has announced between 1 January 2021 and 30 June 2021, that it has ceased all or major business or operations; or is classified as a PN17/GN3 listed issuer.

The regulators alos added an 18-month relief period, instead of 12 months as announced on 16 April 2020 for a listed issuer that had triggered the suspended PN17 or GN3 criteria between 17 April 2020 and 30 June 2021.

“A listed issuer will not be classified as a PN17/GN3 listed issuer during this period and is allowed to reassess its financial condition at the end of the relief period before making the requisite announcements,” they noted.

The SC and Bursa Malaysia said they will continue to monitor ongoing developments and assess if further measures will be required to support listed issuers during this challenging period.