JSE suspends another company over late financials

Medical Disposables & Supplies Limited (MDS) has become the latest company to have trading in its shares suspended by the Jamaica Stock Exchange (JSE), which continues to see more firms reporting their annual financials late. MDS was suspended effective September 1 until it submits its March 2026 audited financial statements, which were due on May 30. The JSE gives a 90-day grace period to companies with late financial submissions before trading in their securities is suspended. MDS updated the market on Tuesday, stating: “The delay continues to stem from the unforeseen IT occurrence disclosed in May 2026, which disrupted the company’s accounting records. The restoration and independent validation of the affected historical financial records have proven to be taking more time than originally anticipated.” The company did not explain the IT occurrence which has hampered the completion of its financial statements. The delay in producing its audited financials has resulted in its first quarter report for the period ending June 30 also being late. MDS expects that its audited financials should be ready by the end of November 2026, six months after the original filing deadline. This means that trading will be suspended for at least the next two months, leaving investors with shares that they cannot trade. “MDS wishes to reassure the JSE, its shareholders and the wider market that the company continues to operate normally at the business level, that there remains no evidence of unauthorised access, cyberattack, fraud, or compromise of customer, employee, or commercially sensitive information, and that the board and management remain fully engaged in overseeing the recovery programme,” MDS added in its update. MDS becomes the fifth company suspended by the JSE in 2026 for the overdue submission of audited financial statements. Kintyre Holdings (Ja) Limited, Portland JSX Limited, Derrimon Trading Company Limited (DTL), and Atlantic Hardware & Plumbing Company Limited (AHPC) were all suspended for being more than 90 days late to submit their audited financials. DTL & AHPC were admitted back to trading in early July following the submission of their audited financial statements. Kintyre Holdings, Portland JSX and MDS have not provided updated disclosure timelines on when they expect to submit their audited financial statements to the market. The last time the JSE suspended five companies for overdue audited financial statements was in 2024. Six companies were suspended that year, including Kintyre Holdings (formerly iCreate Limited), for breaches of the JSE rules. Since 2023, the JSE has suspended 10 companies from trading, including two Main Market companies. That was the last year the JSE provided a blanket extension to companies which were facing difficulties in submitting their financial statements on time. A check by the Jamaica Observer revealed that only 48 per cent of reporting issuers were on time in filing their audited financials between August 2025 to August 2026. The Main Market had 32 out of 54 reports being filed on time, a 59 per cent compliance rate. The Junior Market had 16 out of 47 companies filing on time, a 34 per cent compliance rate. A May 2020 report showed that on-time compliance for audited financial statements among Main Market companies was 78 per cent in 2018, falling to 63 per cent in 2019 as firms worked to implement IFRS 9. The delay in on-time submission has been attributed to the audit process being done by external auditors, who are under pressure as there are fewer accountants working in that segment of accounting. However, other companies have pointed to acquisitions, delays in related parties or subsidiary financials and other disruptive events like natural disasters or cyber security events to their delayed numbers. Radio Jamaica Limited (RJR) and Proven Group Limited both submitted their March 2026 audited numbers on Friday, exactly 90 days to the JSE’s grace period limit. Mailpac Group Limited, EduFocal Limited and KLE Group Limited all submitted their respective audited financials and interim quarterly financial statements on June 30 to avoid being suspended from trading. Pulse Investments Limited’s June 2026 audited financial statements were due on August 29, but it has now set October 30 as its new submission timeline. Fontana Limited reported a delay in its June 2026 audited financial statements but has set September 11 as the date by which it should publish the numbers.