MOL GLOBAL INC (Reuters) - Deutsche Bank (>> Deutsche Bank AG) has temporarily suspended its research coverage on Nasdaq-listed MOL Global Inc (>> 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 on Tuesday.
MOL, which became the first Malaysian company to be listed in the United States after a lackluster $170 million (108 million pounds) IPO in October, said on Tuesday that it would release its financial results on Dec. 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 $4.09 on Nov. 21, down nearly 66 percent from their listing price of $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 $276 million, is majority owned by Malaysian billionaire Vincent Tan and the sultan of the southern state of Johor.
(Reporting by Saeed Azhar, Anshuman Daga in Singapore and Anil D'Silva in Bangalore; Editing by Rachel Armstrong and Sriraj Kalluvila)
