KUALA LUMPUR: Bursa Malaysia Securities Bhd has publicly reprimanded Pasdec Holdings Bhd
and seven of its directors for breaches of the Bursa Malaysia Main Market Listing Requirements (LR).
In a statement, Bursa Malaysia said the seven directors of Pasdec were imposed total fines of RM468,000.
Pasdec was publicly reprimanded for breach of the following provisions of the Main LR:
It has failed to issue the annual report that included the audited financial statements (AFS) together with the auditors’ and directors’ reports for the financial year ended Dec 31, 2019 within the extended timeframe of July 31, 2020.
In addition, the company failed to ensure that the company’s fourth quarterly (Q4) report for Dec 31, 2019 took into account the adjustments stated in the company’s announcement date Oct 27, 2020.
It had reported an unaudited loss attributable to owners of the company of RM16.362 million in the Q4 report compared to an audited loss attributable to owners of the company of RM27.502 million in the AFS with the difference of RM11.14 million representing a variance of 68.1 per cent.
It also failed to comply with the enforceable undertaking dated Aug 26, 2019 provided by the company to Bursa Malaysia Securities pursuant to paragraph 16.29(2) of the Main LR (Undertaking).
Bursa Malaysia said Pasdec was required to carry out a limited review on the company’s quarterly report submission.
"The limited review must be performed by the company’s external auditors for four quarterly reports commencing no later than the quarterly report for the financial period ended Sept 30, 2022.
"In addition, Pasdec must ensure that all the seven directors and its relevant personnel attend a training programme in relation to compliance with the Main LR pertaining to financial statements,” it said.
Bursa Malaysia views the contraventions seriously particularly as timely and accurate submission of financial statements are fundamental obligations of listed companies and is of paramount importance in ensuring a fair and orderly market for securities traded on Bursa Malaysia and necessary to aid informed investment decisions.
"Listed companies and their directors must also ensure strict compliance of any undertaking given to Bursa Malaysia,” it added. - Bernama
