Bursa publicly reprimands JAKS and principal adviser

KUALA LUMPUR (Bernama) -- Bursa Malaysia Securities Bhd has publicly reprimanded JAKS Resources Bhd (JAKS) and its principal adviser, Kenanga Investment Bank Bhd (KIBB), for contravening the exchange’s Main Market Listing Requirements (Main LR).

The stock exchange said JAKS and KIBB were both publicly reprimanded for breach of paragraph 6.56(1)(b) of the Main LR and paragraph 6.02(5) of the Main LR read together with paragraph 6.56(1)(b) of the Main LR and paragraph 2.1(e) of Practice Note 28, respectively.

"(The reprimand was over) failing to ensure that there were at least 10 market days notice from the date JAKS announced the books closing date to the books closing date for the adjustment to the exercise price and/or additional number of JAKS’ Warrants 2018/2023 (JAKS-WB) arising from the proposed rights issue with warrants announced on May 22, 2020,” it said in a statement today.

Bursa Malaysia Securities said the finding of breach and imposition of the public reprimand on JAKS and KIBB were made pursuant to paragraph 16.19 of the Main LR upon completion of due process after taking into consideration all facts and circumstances of the matter including the materiality and impact of the breach.