PETALING JAYA: Bursa Malaysia has publicly reprimanded PIE Industrial Bhd
and two of its directors for breaching the Bursa Malaysia Main Market Listing Requirements.
The two directors were imposed total fines amounting to RM150,000, it said.
According to Bursa Malaysia, PIE had failed to make an immediate announcement when the company’s unit had secured an overseas customer/manufacturer which specialises in servers and switches on March 31, 2024.
“PIE had only made the announcement that the company had secured the manufacturer on April 19, 2024 and announced the expected revenue on April 23, 2024,” it said in a statement.
The market regulator said there was also a breach in Paragraphs 9.08(2) & (5) of the listing requirements.
PIE’s managing director Mui Chung Meng had a total public reprimand and fine of RM100,000 while its executive director Lan, Kuo-Yi amounted to RM50,000.
It said the finding of breach and imposition of the above penalties on PIE and the directors were made upon the completion of the due process and after taking into consideration all facts and circumstances of the matter including the materiality of the breaches, impact of the breaches to PIE and shareholders/investors and the roles, responsibilities, knowledge, involvement and conduct/action/inaction of the directors.
“Bursa Malaysia views the contraventions seriously as timely disclosure of material information that might affect investors’ interests is key to a transparent, orderly and fair market.
“Further, the obligation to ensure no selective disclosure is of paramount importance to ensure fairness and equal access to material information regarding the business and affairs of listed companies towards maintaining market integrity.”
