PETALING JAYA: Hua Yang Bhd
has announced that the company has been reprimanded by Bursa Malaysia Securities Bhd for breach of paragraph 12.04 of the Bursa Malaysia Securities Main Market Listing Requirements (MAIN LR).
Pursuant to paragraph 12.04 of the MAIN LR, a listed corporation must ensure that any purchase of its own shares is effected only on the market of the exchange, Hua Yang said in a filing with the local bourse.
“Hua Yang had bought back 4.48 million units of its own shares from a shareholder of the company on April 22, 2026 via direct business transaction instead of on the market of the exchange, in contravention of paragraph 12.04 of the MAIN LR.
“The finding of breach and imposition of the public reprimand on Hua Yang was made pursuant to paragraph 16.19(1) of the MAIN LR upon completion of due process and after taking into consideration all facts and circumstances of the matter including the materiality of the breach.”
Hua Yang said that while Bursa Malaysia has not found any of its directors to have caused or permitted the breach by the company, it said the bourse wished to highlight and remind that it is the duty of the directors to maintain appropriate standards of responsibility and accountability in ensuring compliance of the MAIN LR.
Hua Yang said its board of directors at the time were Tan Sri Dr. Ting Chew Peh, Ho Wen Yan, Tengku Rahimah Al-Marhum Sultan Mahmud, Choo Seng Choon Chew Hoe Soon and Ho Wen Fan.
“Bursa Malaysia views the breach seriously as the requirement under paragraph 12.04 of the MAIN LR is fundamental in ensuring that share buy-backs are undertaken in an open and transparent manner subject to the safeguards and parameters prescribed under Chapter 12 of the MAIN LR which are crucial in maintaining a fair and orderly market.
“The requirement also aims to prevent selective share buy-back or preferential treatment to specific shareholder(s).”
