MDS suspended from JSE trading after delays

Medical Disposables & Supplies Limited (MDS) has been suspended from trading on the Jamaica Stock Exchange (JSE) after failing to submit its audited financial statements for the year ended March 2026.

The suspension took effect on September 1 and prevents shareholders from trading the stock until the company satisfies the exchange’s reporting requirements. MDS has indicated that completion of the audit is not expected until the end of November after it missed a revised deadline for filing the audited accounts.

In a filing issued after the suspension, MDS said it “notes and fully respects the JSE’s decision” and “does not contest this outcome”, acknowledging that the action followed directly from the Junior Market’s reporting rules.

MDS attributed the delay to ongoing efforts to restore and independently validate historical accounting records, a process it said has taken longer than originally anticipated.

“The company has made the deliberate decision to proceed carefully and methodically, in consultation with its external auditors and technical advisers, rather than risk the accuracy and completeness of the financial statements to be ultimately submitted,” the company said.

The company has now missed deadlines for both its audited financial statements and its unaudited June-quarter results. MDS disclosed that the same data-restoration exercise also prevented it from filing financial statements for the quarter ended June 30, 2026 within the prescribed timeframe, affecting its ability to finalise interim management accounts.

The suspension comes amid attempts by MDS to restore accounting records affected by what it previously described as an “unforeseen IT occurrence”.

MDS had initially projected completion of the audit by August 31 after first advising the market in May that the disruption had delayed its year-end audit. The company said consultants were engaged to help restore systems and validate financial records, but the revised filing target was subsequently missed.

The company described the publication of “credible, fully validated audited financial statements” as an “immediate and overriding priority” as it works to regain compliance with the exchange’s reporting requirements.

Listed on the JSE Junior Market since December 2013, MDS distributes pharmaceutical products, medical disposables, medical equipment and consumer goods.

According to the company’s latest annual report, MDS generated revenue of $3.88 billion in the financial year ended March 2025, while reporting a net loss of $202 million. Shareholders’ equity stood at $1.1 billion.

carolyn.guniss@rjrgleaner.com