Bursa Malaysia Securities publicly reprimands Eksons Corp

KUALA LUMPUR: Bursa Malaysia Securities Bhd has publicly reprimanded Eksons Corp Bhd for breach of paragraph 9.35A(1)(a) of the Main Market Listing Requirements (Main LR) for failing to ensure that the company’s fourth quarterly report for the financial year ended March 31, 2022 announced on May 30, 2022 took into account the adjustments stated in the company’s announcement dated July 29, 2022.

In a statement, Bursa Malaysia Securities said Eksons was also required to carry out a limited review of the company’s quarterly report submissions.

The limited review must be performed by the company’s external auditors for four quarterly reports commencing no later from the quarterly report for the financial period ended Sept 30, 2023 (FPE). In addition, Eksons must review and assess the adequacy and effectiveness of its financial reporting.

“While Bursa Malaysia Securities had not found any of Eksons directors to have caused or permitted the breach by the company, Bursa Malaysia Securities wishes to highlight and remind that it is the duty of the directors to maintain appropriate standards of responsibility and accountability in ensuring compliance of the Main LR,” Bursa Malaysia said.

The board of directors of Eksons at the material time were Tan Sri Datuk Amar Abdul Aziz Hussain, Tay Hua Sin, Datuk Philip Chan Hon Keong, Nik A. Majid Mohd. Kamil and Hew Mei Ying.

The finding of breach and imposition of the above penalty on Eksons was made pursuant to paragraph 16.19(1) of the Main LR upon completion of due process after taking into consideration all facts and circumstances of the matter.

Bursa Malaysia Securities also noted that Eksons had previously committed a similar breach in respect of the company’s announcement of its fourth quarterly report for the FPE Dec 31, 2014 which was subsequently amended on May 28, 2015.

“Bursa Malaysia Securities views the breach seriously as the requirement for listed companies to submit financial statements that are factual, clear, unambiguous, accurate, succinct and contains sufficient information to enable investors to make informed decisions are fundamental obligations of listed companies and of paramount importance in ensuring an orderly and fair market for the securities traded on Bursa Malaysia Securities and necessary to aid informed investment decisions,” it said.