Bursa Malaysia Reprimands Waja Konsortium, Fines Two Directors RM100,000 Each
KUALA LUMPUR, Feb 14 (Bernama) -- Bursa Malaysia Securities Bhd has publicly reprimanded Waja Konsortium Bhd and two of its director, Peh Lian Hwa and Peh Jia Yau, as well as imposed a fine of RM100,000 on each director.
In a statement, the exchange said Waja Konsortium was publicly reprimanded for breaching the ACE Listing Requirement (LR) together with Guidance Note 3 (GN3) as the company failed to make the First Announcement on an immediate basis upon announcement of its quarterly report for the financial period ended June 30, 2023 .
"The First Announcement was only made on Oct 10, 2023, 1.5 months after the announcement of the quarterly report and upon engagement by Bursa Malaysia Securities.
"The finding of breach and imposition of the above penalties on Waja Konsortium and the directors were made pursuant to Rule 16.19 of the ACE LR upon completion of due process and after taking into consideration all facts and circumstances of the matter," it said.
Bursa Malaysia stressed that it views the breach seriously as the First Announcement was crucial to shareholders and investors as it was in relation to Waja Konsortium’s financial condition.
Additionally, the consequences of being classified as a financially distressed company pursuant to GN3 include possible suspension and delisting if the company fails to regularise its financial condition within the timeframe prescribed under ACE LR and GN3.
"Hence, timely disclosure of such information pertaining to classification/triggering of GN3 is important towards facilitating informed investment decisions," the exchange said.
-- BERNAMA