KUALA LUMPUR: The Ayer Molek Rubber Company Bhd and GULA PERAK BHD [] have been publicly reprimanded and its directors fined by Bursa Malaysia Securities Bhd due to the failure of both the companies to comply with listing requirements.
In a statement on Monday, June 7, Bursa Securities said Ayer Molek had failed to submit its first quarter financial results for the quarter ended March 31, 2009 on time ' which is not later than two months thereafter ' on or before May 31, 2009.
Ayer Molek had only submitted the financial statements on July 15, 2009 ' with a delay of 33 market days.
The reason given by its directors for the delay that it was due to the illness of Ayer Molek's part time accountant was not a valid excuse, it said.
The six Ayer Molek directors who were publicly reprimanded and fined are: executive director Goh Joon Hai (RM16,500); non-executive chairman Datin Mariam Prudence Yusof (RM3,300); independent director and chairman of audit committee Soo Yoke Mun (RM3,300); independent and audit committee member Datuk Teh Kim Seng (RM3,300); non-independent and non-executive director and audit committee member Jasmi Daik (RM3,300) and former non-independent and non-executive director Syed Khalil Syed Ibrahim (RM3,300).
Meanwhile, Gula Perak had failed to "ensure its announcement is factual, clear, unambiguous, accurate, succinct and contains sufficient information to enable investors to make informed investment decisions".
This pertained to its failure to disclose that the bondholder of its RM90.124 million redeemable secured bonds, AmBank (M) Bhd, had agreed for a full and final settlement sum of RM64 million in its unaudited fourth quarterly report for the financial year ended March 31, 2008, which was announced on May 28, 2008.
There was a deviation between the company's unaudited loss after tax of RM16.414 million and audited loss after tax of RM42,342 million for'' FY09 arising from the discount, it said. "The difference of RM26.124 million represents a variance of about 61.23%," Bursa Securities added.
It said Gula Perak had breached the listing requirements when it did not disclose the discount in the notes of its fourth quarter FY08, compared to the two previous FY07 and FY06 when it had "consistently disclosed" a previous offer from AmBank in its annual audited accounts, and the discount which the company had accepted was clearly different and lower than the previous offer.
The five directors that were public reprimanded are: executive chairman Datuk Rahim Baba, managing director Tan Sri Datuk Lim Cheng Pow (fined RM25,000), executive director (ED) Datuk Lim Soo Kok, former ED Datuk Lim Sue Beng, and former ED Leow Thang Fong (RM10,000).
In a statement on Monday, June 7, Bursa Securities said Ayer Molek had failed to submit its first quarter financial results for the quarter ended March 31, 2009 on time ' which is not later than two months thereafter ' on or before May 31, 2009.
Ayer Molek had only submitted the financial statements on July 15, 2009 ' with a delay of 33 market days.
The reason given by its directors for the delay that it was due to the illness of Ayer Molek's part time accountant was not a valid excuse, it said.
The six Ayer Molek directors who were publicly reprimanded and fined are: executive director Goh Joon Hai (RM16,500); non-executive chairman Datin Mariam Prudence Yusof (RM3,300); independent director and chairman of audit committee Soo Yoke Mun (RM3,300); independent and audit committee member Datuk Teh Kim Seng (RM3,300); non-independent and non-executive director and audit committee member Jasmi Daik (RM3,300) and former non-independent and non-executive director Syed Khalil Syed Ibrahim (RM3,300).
Meanwhile, Gula Perak had failed to "ensure its announcement is factual, clear, unambiguous, accurate, succinct and contains sufficient information to enable investors to make informed investment decisions".
This pertained to its failure to disclose that the bondholder of its RM90.124 million redeemable secured bonds, AmBank (M) Bhd, had agreed for a full and final settlement sum of RM64 million in its unaudited fourth quarterly report for the financial year ended March 31, 2008, which was announced on May 28, 2008.
There was a deviation between the company's unaudited loss after tax of RM16.414 million and audited loss after tax of RM42,342 million for'' FY09 arising from the discount, it said. "The difference of RM26.124 million represents a variance of about 61.23%," Bursa Securities added.
It said Gula Perak had breached the listing requirements when it did not disclose the discount in the notes of its fourth quarter FY08, compared to the two previous FY07 and FY06 when it had "consistently disclosed" a previous offer from AmBank in its annual audited accounts, and the discount which the company had accepted was clearly different and lower than the previous offer.
The five directors that were public reprimanded are: executive chairman Datuk Rahim Baba, managing director Tan Sri Datuk Lim Cheng Pow (fined RM25,000), executive director (ED) Datuk Lim Soo Kok, former ED Datuk Lim Sue Beng, and former ED Leow Thang Fong (RM10,000).
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