Bursa shortens timeframe for issue of annual reports

by **Cals** Sat 28 Dec 2013, 02:12

Business & Markets 2013

Written by Ahmad Naqib Idris Adzman Shah of theedgemalaysia.com

Friday, 27 December 2013 17:44

KUALA LUMPUR (Dec 27): Bursa Malaysia said in a statement today that it will be shortening the timeframe for issuance of annual reports under the listing requirements.

Annual reports for financial year ending on or after 31 December 2014 will have to be submitted within 5 months from the close of the financial year, while annual reports for financial year ending on or after 31 December 2015 must be issued within 4 months from the close of the financial year.

According to the press release by Bursa Malaysia, the new requirements were finalised after considering feedback and comments received from listed issuers and relevant industry associations.

“We believe that the new requirements are balanced and will achieve the objective of improving the timeliness of issuance of annual reports without unreasonably burdening the public listed companies.

“At the same time, we will also be able to align our annual report issuance timeframe with practices in other markets”, said Dato’ Tajuddin Atan, CEO of Bursa Malaysia Berhad.

Moreover, Bursa Malaysia will now allow annual reports to be issued in electronic formats other than CD-ROM and has also removed the requirement for the submission of 15 copies of specified documents under the listing requirements, in order to encourage compliance of the shorter timeframe.

It added that the submission of quarterly reports and annual audited financial statements will not be affected by the change in timeframe for annual reports.