Deutsche Bank has temporarily suspended its research coverage on Nasdaq-listed MOL Global Inc until the Malaysian online payment company it helped go public almost two months ago provides more clarity on recent changes.
MOL said in a filing last week that it would delay its third-quarter earnings report and also announced the departure of its chief financial officer, wiping out more than half of its market value.
"We temporarily suspend our rating and estimates on MOL Group until further clarity can be provided regarding the company's announcement last Friday regarding the delayed reporting of 3Q results and the resignation (of) MOL Group's CFO," Deutsche said in a research report seen by Reuters today.
MOL, which became the first Malaysian company to be listed in the United States after a lacklustre US$170 million (RM600 million) IPO in October, said today that it would release its financial results on December 1.
The announcement comes a day after Nasdaq halted any trading in the company's stock and sought "additional information".
The company's shares last traded at US$4.09 on Nov. 21, down nearly 66% from their listing price of US$12.50.
Citigroup, Deutsche Bank and UBS were joint book runners of the MOL offering, which has so far brought little financial gain to its major shareholders.
MOL, which is now valued at about US$276 million, is majority owned by Malaysian billionaire Tan Sri Vincent Tan and the Sultan of Johor. – Reuters, November 25, 2014.