KUALA LUMPUR: Bursa Malaysia Securities Bhd has publicly reprimanded Iqzan Holding Bhd
and five of its directors for breaches of the Main Market Listing Requirements (Main LR).
In a statement today, Bursa Malaysia Securities said the company had committed multiple breaches, including failing to obtain shareholders’ approval for the disposal of industrial property and providing inaccurate and misleading disclosures regarding the disposal of shares in its wholly owned subsidiary, Zoomic Technology (M) Sdn Bhd (ZTSB).
"The breaches involved disposal of property breach in which the company failed to obtain shareholders’ approval for the sale of two adjoining leasehold industrial lots in Bayan Lepas, Penang which was completed on Nov 15, 2023.
"Additionally, Iqzan Holding had inaccurately represented the financial impact and percentage ratio of its disposal of ZTSB shares in the announcements dated Aug 8 and Aug 10, 2023.
"It had also failed to immediately disclose conditional agreements that affected the transaction and did not make timely announcements upon transferring the shares on Aug 15, 2023,” it said.
The exchange said that despite being delisted on July 30, 2024, these breaches occurred while the company was still listed on Bursa Malaysia Securities.
It has also imposed fines ranging from RM300,000 to RM375,000 on the five directors, where Norman Zainuddin (executive director), Datuk Ong Chek Chai (non-independent non-executive director, audit committee member), and Chua Yeong Lin (independent non-executive director, audit committee chairman) were each fined RM375,000.
Kunamony S Kandiah (independent non-executive director, audit committee member) and Cheah Ban Seng (independent non-executive director) were each fined RM300,000.
Bursa Malaysia Securities said the findings of breach and imposition of penalties were made under paragraph 16.19 of the Main LR after due process and consideration of the materiality and impact of the breaches, as well as the conduct and responsibilities of the directors.
"Bursa Malaysia Securities views the breaches seriously as timely, full and accurate disclosure of material information to enable investors to make informed investment decision is of paramount importance in ensuring an orderly and fair market for securities traded on Bursa Malaysia Securities and maintaining market integrity and investor confidence.
"Chapter 10 of the Main LR also serves to protect shareholders’ right to be informed of and approve material transactions that could affect their interest,” it added. - Bernama
