Bursa Malaysia Securities Berhad [Registration No.: 200301033577 (635998-W)] (“Bursa Malaysia Securities”) has publicly reprimanded MCOM Holdings Berhad (“MCOM”) for breach of Rule 6.10(1)(a) of the Bursa Malaysia Securities LEAP Market Listing Requirements (“LEAP LR”) for failing to ensure that the company’s 2^nd half yearly report for the financial period ended (“FPE”) 30 June 2024 (“2H 2024”) announced on 30 August 2024 took into account the adjustments stated in the company’s announcement dated 28 August 2025 (“Adjustments”).

MCOM was also required to carry out a limited review on the company’s half yearly report submissions. The limited review must be performed by the company’s external auditors for two half yearly reports commencing no later from the half yearly report for the FPE 30 June 2026. In addition, MCOM must review and assess the adequacy and effectiveness of its financial reporting function. 

The finding of breach and imposition of the public reprimand on MCOM was made pursuant to Rule 8.12 of the LEAP LR upon completion of due process and after taking into consideration all facts and circumstances of the matter including the materiality and impact of the breach and that MCOM had previously breached the LEAP LR.  

Bursa Malaysia Securities views the breach seriously as the requirement for listed companies to submit financial statements that are factual, clear, unambiguous, accurate, succinct and contains sufficient information to enable investors to make informed decisions is a fundamental obligation of listed companies and of paramount importance in ensuring an orderly and fair market for the securities traded on Bursa Malaysia Securities and to aid informed investment decisions.

BACKGROUND

MCOM had reported an unaudited loss attributable to the owners of the company of RM1,918,000 in the 2H 2024 announced on 30 August 2024. However, MCOM had subsequently reported an audited loss attributable to the owners of the company of RM3,454,277 in the audited financial statements for the FPE 30 June 2024 (“AFS 2024”) announced on 28 August 2025 which represented a difference of RM1,536,277/80.1% between the 2H 2024 and the AFS 2024.

The deviation was mainly due to additional administrative and other expenses of RM3.269 million made upon finalisation of the audit.  There was no reasonable explanation and change of circumstances to justify the failure to take into account the adjustments in the 2H 2024 and MCOM had confirmed that there was no fundamental change in the underlying business operations or circumstances of the Group between the issuance of 2H 2024 and the AFS 2024.