KUALA LUMPUR: Bursa Malaysia Securities Bhd has publicly reprimanded Fitters Diversified Bhd
and its five directors for breaching the Main Market Listing Requirements (Main LR).
The exchange said in a statement today that the directors were Datuk Sok One a/l Esen, Hoo Swee Guan, Datuk Seri Gan Chow Tee, Wong Kok Seong and Kho See Yiing. Each of them was fined RM400,000, bringing the total penalties to RM2 million.
Fitters was reprimanded for failing to make an immediate announcement on March 7 and 8, 2023, regarding acquisitions by its wholly owned subsidiary, Fitters Development Property Sdn Bhd. The acquisitions involved the purchase of 12.14 million ordinary shares or 4.54 per cent of Computer Forms (Malaysia) Bhd (CFM) for RM26.44 million in cash and 6.18 million units or 4.78 per cent of Warrants A of CFM for RM8.33 million in cash via the open market.
The company was also reprimanded for failing to ensure that the announcement on these acquisitions, dated March 9, 2023, was made in a timely manner. Bursa noted that the statement claiming the acquisitions were not subject to shareholders’ approval was inaccurate, false and misleading.
It added that all five directors at the material time had breached the Main LR by permitting the company to commit the violations.
"Bursa Malaysia views the contraventions seriously as the requirements to make an immediate announcement and obtain prior shareholders’ approval for material related party transactions are fundamental to aid investors in making informed investment decisions and protecting the interests of shareholders. These requirements also allow shareholders the opportunity to consider, in a timely manner, transactions that have the potential of adversely affecting their interests,” it said.
The exchange also reminded Fitters and its board of their responsibility to uphold appropriate standards of corporate responsibility and accountability to shareholders and the investing public. - Bernama
