KUALA LUMPUR: Bursa Malaysia Securities Bhd has publicly reprimanded three KBB Resources Bhd’s former executive directors for failing to make an immediate, clear and accurate announcement on the payment defaults of various credit facilities.
The three were KBB’s former group managing director Datuk Ang Cho Teing, and former executive directors Datin Tai Chok Ping and Ang Chor Teng.
They were each fined RM50,000.
“Bursa Securities views the contraventions seriously and reminds KBB and its board of directors of their duty to uphold appropriate standards of responsibility and accountability to shareholders and the investing public,” said the regulator.
Bursa Securities said there were defaults in payment when certain credit facilities amounting to RM4.89 million had expired on July 9, 2010.
This triggered an immediate announcement under paragraph 2.1 (d) of PN1 as the amount represented 5.4% of KBB’s net assets as at Dec 31, 2009, it said.
The defaults were announced on July 26, 2010.
Bursa Securities said the company had breached paragraphs 9.03(1) and 9.04(I) of the Main Market Listing Requirements read together with paragraphs 2.1(d) and/or (e) of
Practice Note 1 for failing to make an immediate announcement on the defaults in payments of various credit facilities.
In addition, KBB’s announcement on July 26, 2010 breached paragraph 9.16(1)(a) as the announced date of the defaults (July 21, 2010) was not factual and was inaccurate in view of KBB’s confirmation to Bursa Securities that the credit facilities had expired as early as June 29, it said.
“The materiality of the breach where the requirement for listed issuers to make an immediate announcement of material default in payment of credit facilities was fundamental to enable investors to make informed investment decisions concerning the listed issuer’s financial condition,” said the regulator.
This article appeared in The Edge Financial Daily, December 15, 2011.
The three were KBB’s former group managing director Datuk Ang Cho Teing, and former executive directors Datin Tai Chok Ping and Ang Chor Teng.
They were each fined RM50,000.
“Bursa Securities views the contraventions seriously and reminds KBB and its board of directors of their duty to uphold appropriate standards of responsibility and accountability to shareholders and the investing public,” said the regulator.
Bursa Securities said there were defaults in payment when certain credit facilities amounting to RM4.89 million had expired on July 9, 2010.
This triggered an immediate announcement under paragraph 2.1 (d) of PN1 as the amount represented 5.4% of KBB’s net assets as at Dec 31, 2009, it said.
The defaults were announced on July 26, 2010.
Bursa Securities said the company had breached paragraphs 9.03(1) and 9.04(I) of the Main Market Listing Requirements read together with paragraphs 2.1(d) and/or (e) of
Practice Note 1 for failing to make an immediate announcement on the defaults in payments of various credit facilities.
In addition, KBB’s announcement on July 26, 2010 breached paragraph 9.16(1)(a) as the announced date of the defaults (July 21, 2010) was not factual and was inaccurate in view of KBB’s confirmation to Bursa Securities that the credit facilities had expired as early as June 29, it said.
“The materiality of the breach where the requirement for listed issuers to make an immediate announcement of material default in payment of credit facilities was fundamental to enable investors to make informed investment decisions concerning the listed issuer’s financial condition,” said the regulator.
This article appeared in The Edge Financial Daily, December 15, 2011.
