Bursa Malaysia publicly reprimands Top Builders Capital

KUALA LUMPUR: Bursa Malaysia Securities Bhd has publicly reprimanded Top Builders Capital Bhd for failing to issue its annual report for the 18-month financial period ended June 30, 2021, in a timely manner.

In a statement, the stock exchange operator said the annual report, which included the annual audited financial statements together with the auditors’ and directors’ reports, was only issued on Nov 22, 2021, which was a delay of 15 market days from the deadline of October 31, 2021.

It said in failing to issue the annual report by the cut-off date, the company had breached paragraph 9.23(1) of the Bursa Malaysia Securities Main Market listing requirements.

"The finding of breach and imposition of the above penalty and directive on TOPBLDS were made pursuant to paragraph 16.19 of the Main LR upon completion of due process and after taking into consideration all facts and circumstances of the matter including the materiality of the breach and that TOPBLDS had previously breached the Main LR," it said.

Bursa Malaysia Securities highlighted that it is the duty of the directors to maintain appropriate standards of responsibility and accountability to its shareholders and the investing public to ensure that such financial reporting breach does not occur.

"Bursa Malaysia Securities views the contravention seriously as the timely submission of financial statements is one of the fundamental obligations of listed companies and is of paramount importance in ensuring a fair and orderly market for securities traded on Bursa Malaysia Securities and necessary to aid informed investment decisions," it added.