KUALA LUMPUR: Bursa Malaysia Securities Bhd has publicly reprimanded Ecobuilt Holdings Bhd
(ECOHLDS) and two of its former directors for breaching the Bursa Malaysia Securities Main Market Listing Requirements (Main LR).
In addition, the two former directors were imposed a fine of RM200,000 each.
ECOHLDS was publicly reprimanded for failing to make an immediate announcement of the winding-up order dated July 24, 2024, against the company.
It also failed to make an immediate announcement on its appeal to the Court of Appeal on July 25, 2024, and the summons in chambers to stay the execution of the winding-up order on July 26, 2024, filed at the High Court.
The company was also found to have misrepresented facts in its announcement on July 24, 2024, and failed to ensure that the announcement was factual, accurate, and not false or misleading.
The former directors at the material time, namely executive director/chief executive officer Ng Choon Keith, and non-independent non-executive director Datuk Ong Chee Koen, were penalised for permitting ECOHLDS to commit the breaches.
Ng and Ong each received a public reprimand and fines of RM150,000 for the delay breaches and RM50,000 for the misrepresentation breach.
Bursa Malaysia Securities said the decision was made upon completion of due process and consideration of all facts, including the materiality and impact of the breaches on shareholders and investors.
"The exchange views these contraventions seriously as timely, full and accurate disclosure of material information that might affect investors’ interests is key to a transparent, orderly and fair market," it said.
It also reminded ECOHLDS and its board of directors of their corporate responsibility to maintain appropriate standards and accountability to shareholders and the investing public.
On July 24, 2024, the Kuala Lumpur High Court dismissed ECOHLDS’ application to stay the winding-up petition and made the winding-up order against the company.
However, ECOHLDS failed to make an immediate announcement of the winding-up order and further misrepresented in the July 24 announcement that the High Court had ordered to stay the winding-up petition.
ECOHLDS only announced the winding-up order on July 29, 2024, after a delay of three market days and announced further information of the winding-up order as required by Bursa Malaysia Securities on July 30, 2024 and Aug 1, 2024.
Although the company’s securities trading was suspended on Aug 9, 2024, ECOHLDS was not delisted in view of the appeal and stay application.
The Court of Appeal later set aside the winding-up order on Sept 11, 2024. - Bernama
