KUALA LUMPUR: Bursa Malaysia Securities Bhd has publicly reprimanded Oasis Harvest Corporation Bhd (Oasis) and Mercury Securities Sdn Bhd for breaching the Main Market listing requirements.
The stock exchange regulator said the reprimand concerned Oasis’s revised rights issue announced on May 26, 2023.
"OASIS and Mercury Securities breached the rules by altering, revising, and later cancelling the book’s closing date (BCD) of the rights issue on Oct 5, 2023, before terminating it. They failed to notify Bursa Malaysia immediately when they became aware that the announcement and circular to shareholders did not fully disclose the impact of the goodwill impairment from the acquisition of High Reserve F&B Sdn Bhd,” it said in a statement.
In addition, Bursa Malaysia said that Mercury Securities did not conduct proper due diligence to ensure that the proposed use of proceeds from the rights issue for the acquisition would not harm investors.
"Bursa Malaysia wishes to remind listed issuers and advisers to maintain the highest standards of integrity, accountability, corporate governance and responsibilities in ensuring compliance of the Main Marking listing requirements,” it added. - Bernama
