Wednesday, December 15, 2010

Bursa Securities raps LBS Bina for breaching listing rules

KUALA LUMPUR: Bursa Malaysia Securities Bhd has publicly reprimanded LBS BINA GROUP BHD [] for breaching the listing rules and ordered the company to carry out a limited reviews on its quarterly report submissions.

Bursa Securities said on Wednesday, Dec 15 the limited review must be performed by the company's external auditors for four quarterly reports commencing no later from its quarterly report for the financial period ended Dec 31, 2010.

It said LBS had to ensure all its directors and the relevant personnel attend a training programme on how to comply with the listing rules, particularly pertaining to financial statements.

It said LBS had breached the listing requirements when it announced on Feb 25, 2009 on its fourth quarterly report for the financial period ended Dec 31, 2008 (QR 4/2008) which failed to take into account the adjustments as stated in the company's announcement dated April 30, 2009.

Bursa Securities said LBS had reported an unaudited profit after taxation and minority interest of RM15.42 million in its QR 4/2008 (unaudited results) as compared to an audited profit after taxation and minority interest of RM21.49 million (audited results) in its annual audited accounts for the financial year ended Dec 31, 2008.

'The difference of RM6.07 million between the unaudited results and the audited results for the FY ended Dec 31, 2008 represents a deviation of approximately 39.4%. The deviation is mainly due to the company's omission to credit the deferred tax liabilities arising from the revaluation of land into the income statement,' it said.

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