2 months ago
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On the last business day of 2024, the Jamaica Stock Exchange (JSE) has suspended trading in the shares of MFS Capital Partners Limited.
CEO Dino Hinds, when contacted, said the company was in the process of replying to the Jamaica Stock Exchange. He, however, declined to discuss the matter further at the time.
The JSE said MFS failed to submit the audited reports ending June 2024 within a six-month timeline to the market. Listed firms have three months to submit audited financials and an additional three months to rectify the violation.
“As a result, the company’s 2024 audited financial statements, which became due on September 28, 2024, is 93 days overdue as of December 30,” stated the JSE in a release on the suspension, which it can lift once the company complies with the rules.
“This suspension is pending the submission of its 2024 audited financial statements and first-quarter unaudited financial statements for the period ended September 30,” the JSE said.
In failing to submit its first-quarter unaudited Financial Statements for the period ended September 30, 2024, MFS had run 46 days beyond the November 14, 2024 due date, the JSE said.
On November 14, 2024, MFS advised that the unaudited financials for the first quarter ended September 30, originally scheduled for publication on November 14, 2024 had been delayed. In apologising to shareholders and stakeholders for the “undue delay”, MFS said it was working with its auditor BakerTilly to complete the audited financial statements and, thereafter, all other delayed reports on or before the revised date.
MFS also said it had anticipated that the audited results would have been published on or before December 27, and its unaudited financials for the first-quarter by December 27.
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