KUALA LUMPUR: Bursa Malaysia Securities Bhd has publicly reprimanded Reneuco Bhd
and five of its directors for breaching the Main Market Listing Requirements (Main LR), with one director also fined RM2,500.
In a statement, Bursa Malaysia Securities said Reneuco breached Paragraph 9.23(1) of the Main LR for failing to issue its annual report, which included the audited financial statements for the 15-month financial period ended Sept 30, 2023, by the Jan 31, 2024 deadline.
The annual report was only issued on Feb 8, 2024, after a delay of five market days.
It said Reneuco also breached Paragraph 9.28(3) of the Main LR for failing to announce its inability to issue the annual report by the due date at least three market days prior. The announcement was made on Jan 30, 2024, one market day before the deadline.
Reneuco was also required to ensure that its directors (except Ahmad Riza Mohd Saian, who has since retired) and relevant personnel attend a training programme on compliance with the Main LR, particularly in relation to financial reporting.
The board was also required to review the adequacy and competency of the company’s finance and accounting resources, as well as the effectiveness of its financial reporting policies and procedures.
Bursa Malaysia Securities said five directors at the material time were found to have breached Paragraph 16.13(b) of the Main LR for permitting the company’s failure to issue the annual report on time.
Executive chairman Datuk Mustakim Mat Nun was publicly reprimanded and fined RM2,500, while executive director and audit committee member Sarah Azreen Abdul Samat, independent non-executive directors Ahmad Riza Mohd Saian, Datuk Ir Ts Dr Muhammad Mahadi Mohamad and Tan Yee Hou were publicly reprimanded.
Bursa Malaysia Securities said the findings and penalties were imposed pursuant to Paragraph 16.19 of the Main LR after considering the materiality and impact of the breaches, as well as the roles and responsibilities of the directors.
“Bursa Malaysia Securities views the breach seriously as timely submission of financial statements is a fundamental obligation of listed companies and is of paramount importance in ensuring an orderly and fair market for securities traded on Bursa Malaysia Securities and necessary to aid informed investment decisions,” it said.
It has also reminded RENEUCO and its Board of their responsibilities to maintain the appropriate standards of corporate responsibility and accountability to its shareholders and the investing public.
