MFS Capital Partners promises to deliver annual audit

 


MFS Capital Partners Limited which was suspended by the Jamaica Stock Exchange (JSE) for failure to submit its annual financials in December is now promising shareholders that the audited financials will be delivered in a timely manner.

MFS Capital Partners is a private equity company domiciled in Kingston, Jamaica. It was listed on the JSE in August 2022 by introduction after its takeover of SSL Venture Capital (SSLVC) in May that year. Its predecessor was also listed by introduction in 2018 after the failure of C2W Music, which raised $120 million in its initial public offer.

The notice of suspension earlier this week stated: “The Jamaica Stock Exchange (JSE) wishes to advise the investing public that in keeping with JSE’s “Junior Market Rule Appendix 2, Part 4 (2) ( e) – Audited Annual Financial Statements and JSE Junior Market Rule Appendix 2, Part 4 (1) ( e) Quarterly Financial Statements, the JSE has taken the decision to immediately suspend trading in the shares of MFS Capital Partners Limited (MFS). This suspension is pending the submission of its 2024 Audited Financial Statements and 1st Quarter Unaudited Financial Statements for the period ended September 30, 2024”.

The JSE added, “MFS Capital Partners Limited (MFS) has failed to submit to the JSE its Audited Financial Statements for the year ended June 30, 2024. As a result, the Company’s 2024 Audited Financial Statements, which became due on September 28, 2024, is ninety-three (93) days overdue as December 30, 2024.

“MFS has also failed to submit its 1st Quarter Unaudited Financial Statements for the period ended September 30, 2024, which became due on November 14, 2024. As at December 30, 2024, the 1st Quarter Report is forty-six (46) days overdue.

“ Given the above the JSE has suspended the shares of MFS Capital Partners Limited (MFS) effective December 31, 2024.”

On Friday the JSE released a new commitment from MFE Capital to shareholders that the audited financials will be completed and submitted.

The Jamaica Stock Exchange (JSE) indicated via notice on its platform today that ithas suspended the shares of MFS Capital Partners Limited (MFS).

A letter signed by Dino Hinds Chief Executive Officer said, “Due to unforeseen circumstances, MFS Capital Partners has been unable to complete and submit our audited financials within the prescribed timeline. The delay is primarily attributable to challenges encountered in finalizing the interim six-month audit of our recently acquired subsidiary,”

MFS Limited. The subsidiary operates with a different fiscal year-end than that of MFS Capital Partners, which has compounded the complexity of the audit process and affected the overall financial reporting schedule, he stated.

He then said the day would be addressed with immediacy. “We take full responsibility for this delay and are committed to taking the necessary steps to prevent a recurrence. To this end, we are implementing a robust action plan to align the reporting timelines of our subsidiary with those of MFS Capital Partners. This will include enhancing our internal audit processes and improving coordination between our financial teams to ensure a seamless and timely audit process in the future.”


Photo Credit. Dino Hinds, LinkedIn

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