The securities trading regulator said in a statement that the industrial plastic product maker, which recently changed its name to Rohas Tecnic Bhd following the emergence of a new controlling shareholder, had breached the part of the Main Market Listing Requirements requiring announcements to be factual, balanced and fair, among others.
Bursa Securities said that Tecnic, replying to its unusual market activity (UMA) query, announced on Sept 7, 2015, that there was no corporate development relating to the group’s business and affairs that had not been previously announced, including those in the stage of negotiation or discussions.
“Tecnic’s announcement was not factual, inaccurate and did not contain sufficient information to enable investors to make informed investment decisions as it did not disclose and, in fact, denied knowledge of the on-going negotiations/discussions on a proposed reverse take-over of Tecnic by a third party (the proposed RTO negotiation) at the material time,” the regulator said.
“The proposed RTO negotiation subsequently led to the signing of the memorandum of understanding which was announced on Sept 21, 2015 (i.e. approximately two weeks after Tecnic’s announcement in response to the UMA query on Sept 7, 2015).”
Bursa Securities said the directors who were reprimanded and fined RM50,000 each were executive chairman Datuk Gan Kim Huat (resigned on March 8), executive director Gan Poh San (resigned on March 8) and independent director Teo Chee Kok (resigned on March 31).
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