Bjcorp gone case???
The online payment company did not give any explanation for the delay in the release, which was initially set for Nov 21.
Last Friday, MOL shares fell 53.84% to US$4.09 (about RM13.70) after Deutsche Bank issued a note cautioning investors that the delay of the results was “potentially ominous”. The stock opened at US$4.50 and went to as high as US$4.60 in early trading yesterday.
Deutsche Bank, together with Citigroup and UBS, helped the company go public almost two months ago.
Since the initial public offering (IPO) on Oct 9, MOL shares had fallen close to 50% at Friday’s close from US$8.14 (about RM27.30) on listing day.
MOL Global, the first Malaysian company to list on Nasdaq in the past decade, also announced on Thursday that its chief financial officer Allan Wong, who joined the company in August, had tendered his resignation effective immediately, due to personal reasons.
MOL Global said that Jonathan Chong, the current chief financial officer of MOL’s operating unit MOL AccessPortal Sdn Bhd, would be assuming Wong’s post.
Executives of the company declined to comment.
Tan Sri Vincent Tan (pic) has a majority stake in the company while the Johor Sultan has a minority interest.
Earlier in the year, the Sultan bought a 15% stake in MOL AccessPortal for RM396mil, which he later exchanged for a 14.7% stake in MOL.
According to Bloomberg, following the delay in the release of the third-quarter results, several national securities law firms announced that they have started investigating MOL for potential accounting irregularities.
The investigations will focus on whether the company and its executives violated federal securities laws by failing to disclose that MOL Global was experiencing significant accounting problems and would be unable to release its financial performance to shareholders.
MOL is the largest e-payment company in South-East Asia by payment volume, according to market researchers Frost & Sullivan.
At the time of listing, major shareholder Tan said MOL had the capability to expand its presence to 100 countries from the 13 it was in currently.MOL’s IPO comprised 13.5 million American depository shares at US$12.50 (RM42) per share.
The company recently appointed New York’s BNY Mellon as the depository bank for its American depository receipt (ADR) programme, which is the first exchange-listed ADR programme from Malaysia.
Group chief executive officer Ganesh Kumar Bangah had said the ADR listing on Nasdaq was critical to MOL’s strategy to expand its business.
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