Bursa Malaysia Securities Bhd has publicly reprimanded four companies — Oilcorp Bhd, Ramunia Holdings Bhd, Tasco Bhd and VTI Vintage Bhd — for breaching various listing requirements (LR).
Oilcorp and Ramunia were reprimanded for breach of paragraph 9.19 (19) of the LR, for failing to make an immediate announcement of winding-up proceedings or winding-up order made against the listed issue or any of its subsidiaries or major associate companies.
Oilcorp had failed to make an immediate announcement of the winding-up petition served on its subsidiary Oilfab Sdn Bhd (OSB) by Perusahaan Maju Teguh (M) Sdn Bhd. The winding-up petition was served on OSB on Dec 3, 2009 but was announced only on Jan 11 this year, Bursa said in a statement yesterday.
As for Ramunia, winding-up petitions were served on subsidiary Ramunia Fabricators Sdn Bhd (RFSB) by Serba Mahir Sdn Bhd and Pantech Corporation Sdn Bhd on Sept 7, 2009 and Oct 12, 2009 respectively but the relevant announcements were made only on Sept 16, 2009 and Oct 20, 2009 respectively.
Tasco and VTI Vintage were reprimanded for breaching paragraph 9.16(1)(a) of the LR where a listed issuer must ensure that each announcement is factual, clear, unambiguous, accurate, succinct and contains sufficient information to enable investors to make informed investment decisions.
Tasco had on Feb 11, 2009 announced its results for the financial period ended Dec 31, 2008 (FY08) “which failed to take into account the adjustments as stated in the company’s announcement dated April 30, 2009”.
The company had reported an unaudited net profit of RM14.9 million compared with an audited net profit of RM18.36 million in its annual audited accounts for FY08.
Bursa Securities said the difference of RM3.45 million represented a deviation of about 23.14% due to adjustments in respect of the under-recognition of discount on acquisition of subsidiaries and overprovision of taxation.
VTI had announced its results for the period ended Dec 31, 2008, which failed to take into account adjustments stated in a later announcement dated May 4, 2009.
It had an unaudited net loss of RM3.68 million compared with an audited loss of RM7.4 million in its FY08 annual audited accounts.
This article appeared in The Edge Financial Daily, July 6, 2010.
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