Wednesday, August 3, 2011

SC explains why Lestari Pasifik on alert list

KUALA LUMPUR: Lestari Pasifik Bhd was placed on the Securities Commission's (SC) alert list on Aug 2 after the SC received a query on a prospectus purportedly issued by the company.

In an email reply to The Edge Financial Daily on Aug 3, an SC spokesperson said the purported prospectus from Lestari Pasifik had not been registered by the SC.

'The company has therefore been placed on our alert list as a precautionary measure because shares cannot be issued or offered to the public by a public company until and unless a prospectus in relation to the securities has been registered by the SC,' the spokesperson said.

The SC included Lestari Pasifik on its alert list on Tuesday, Aug 2 for issuance of prospectus without registering with the SC.

The alert list includes websites, investment products, companies and individuals not authorised nor approved under the securities laws to deal in securities, trade in futures contracts, advise on corporate finance, provide investment advice, financial planning and/or fund management services related to securities or futures.

'The public is advised not to make any investment with companies/individuals that are not licensed or approved by the SC.

'Offers often come in the guise of seemingly attractive investment opportunities or schemes and may also be camouflaged as direct selling or business opportunities,' the SC said on its website.

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