HAISAN - MATERIAL LITIGATION
Announcement Type: General Announcement
Company Name: HAISAN RESOURCES BERHAD
Stock Name: HAISAN
Date Announced: 26/04/2012
Announcement Detail:
Type: Announcement
Subject: MATERIAL LITIGATION
Description: HAISAN RESOURCES BERHAD ("HAISAN" OR "THE COMPANY")
- CIVIL SUIT IN THE PEOPLE'S COURT OF CHANGNING DISTRICT, SHANGHAI BY WALL'S (CHINA) CO., LTD AGAINST IGLO (SHANGHAI) CO., LTD AND IGLO (SHANGHAI) LOGISTICS CO., LTD
Company Name: HAISAN RESOURCES BERHAD
Stock Name: HAISAN
Date Announced: 26/04/2012
Announcement Detail:
Type: Announcement
Subject: MATERIAL LITIGATION
Description: HAISAN RESOURCES BERHAD ("HAISAN" OR "THE COMPANY")
- CIVIL SUIT IN THE PEOPLE'S COURT OF CHANGNING DISTRICT, SHANGHAI BY WALL'S (CHINA) CO., LTD AGAINST IGLO (SHANGHAI) CO., LTD AND IGLO (SHANGHAI) LOGISTICS CO., LTD
DNONCE - Quarterly rpt on consolidated results for the financial period ended 29/2/2012
Announcement Type: Financial Results
Company Name: D'NONCE TECHNOLOGY BHD
Stock Name: DNONCE
Date Announced: 26/04/2012
Announcement Detail:
Financial Year End: 31/08/2012
Quarter: 2
Quarterly report for the financial period ended: 29/02/2012
The figures: have not been audited
Currency: Malaysian Ringgit (MYR)
Company Name: D'NONCE TECHNOLOGY BHD
Stock Name: DNONCE
Date Announced: 26/04/2012
Announcement Detail:
Financial Year End: 31/08/2012
Quarter: 2
Quarterly report for the financial period ended: 29/02/2012
The figures: have not been audited
Currency: Malaysian Ringgit (MYR)
VINTAGE - MEMORANDUM OF UNDERSTANDING
Announcement Type: General Announcement
Company Name: VTI VINTAGE BERHAD
Stock Name: VINTAGE
Date Announced: 26/04/2012
Announcement Detail:
Type: Announcement
Subject: MEMORANDUM OF UNDERSTANDING
Description: VTI VINTAGE BERHAD ("VVB" or "the Company")
- Memorandum of Understanding
Company Name: VTI VINTAGE BERHAD
Stock Name: VINTAGE
Date Announced: 26/04/2012
Announcement Detail:
Type: Announcement
Subject: MEMORANDUM OF UNDERSTANDING
Description: VTI VINTAGE BERHAD ("VVB" or "the Company")
- Memorandum of Understanding
VINTAGE - MEMORANDUM OF UNDERSTANDING
Announcement Type: General Announcement
Company Name: VTI VINTAGE BERHAD
Stock Name: VINTAGE
Date Announced: 26/04/2012
Announcement Detail:
Type: Announcement
Subject: MEMORANDUM OF UNDERSTANDING
Description: VTI VINTAGE BERHAD ("VVB" or "the Company")
- Letter of Award
Company Name: VTI VINTAGE BERHAD
Stock Name: VINTAGE
Date Announced: 26/04/2012
Announcement Detail:
Type: Announcement
Subject: MEMORANDUM OF UNDERSTANDING
Description: VTI VINTAGE BERHAD ("VVB" or "the Company")
- Letter of Award
NGIUKEE - Listing Circular
Announcement Type: Listing Circular
Company Name: NGIU KEE CORPORATION (M) BERHAD
Stock Name: NGIUKEE
Date Announced: 26/04/2012
Announcement Detail:
Subject: BURSA MALAYSIA PUBLICLY REPRIMANDS NGIU KEE CORPORATION (M) BERHAD AND THREE DIRECTORS, THE CHIEF EXECUTIVE OFFICER ALSO FINES RM100,000
Contents: Bursa Malaysia Securities Berhad (Bursa Securities) has publicly reprimanded NGIU KEE Corporation (M) Berhad (NGIUKEE) and three of its directors for failing to take into account adjustments in the company's announcement dated 30 July 2012 when it announced its fourth quarterly report for the financial year ended 31 March 2010 (4th QR 2010) on 26 May 2010. In addition, the Chief Executive Officer has been fined RM100,000.
The adjustments resulted in a 326% difference between the company's audited and unaudited results and the failure to take the adjustments into account breached paragraph 9.16(1)(a) of the Main Market Listing Requirement (Main LR).
The following directors of NGIUKEE at the material time were found to be in breach of paragraph 16.13(b) of the Main LR for permitting knowingly, or where they had reasonable means of obtaining such knowledge, NGIUKEE to commit the breach:
No. Director Penalty 1. Dato' Haji Mohd Fauzi bin Yusuf
Non-Executive Chairman
Audit Committee Chairman
(resigned on 29 April 2011) Public Reprimand 2. Yong Siew Kat
Executive Director / Chief Executive Officer Public Reprimand and fine of RM100,000 3. Dr. Ahmad Faisal bin Zakaria
Executive Director
(resigned on 3 June 2010) Public Reprimand
NGIUKEE is also required to carry out a limited review of its quarterly financial report submissions. The limited review must be performed by NGIUKEE's external auditors for four quarterly financial reports commencing no later than the quarterly report for the financial period ended 31 March 2012. NGIUKEE is also required to ensure all its directors and the relevant personnel attend a training programme in relation to compliance with the Main LR particularly pertaining to financial statements.
The finding of breach and imposition of the above penalties on NGIUKEE and the directors were made pursuant to paragraph 16.19 of the Main LR upon completion of due process and after taking into consideration all facts and circumstances of the matter including the factors giving rise to and materiality of the deviation, the impact of the breach and in relation to the directors, the roles and responsibilities of the respective directors in the Company particularly pertaining to financial management, preparation and review of financial statements.
Bursa Securities views the above contravention seriously as listed companies are required to submit financial statements that are factual, clear, unambiguous, accurate, succinct and contains sufficient information to enable investors to make informed investment decisions.
BACKGROUND
On 26 May 2010, NGIUKEE reported an unaudited profit after tax and minority interest of RM2.580 million in its 4th QR 2010. However, on 30 July 2010, NGIUKEE announced an audited loss after tax and minority interest of RM5.833 million in its annual audited accounts for the financial year ended 31 March 2010. The difference of RM8.413 million between the unaudited and audited results for the financial year ended 31 March 2010 represented a variance of approximately 326%. The variance was mainly due to the following:-
- impairment of the assets of NGIUKEE's subsidiaries amounting to RM4.519 million; and
- allowance for damaged, obsolete and slow moving inventories of RM3.234 million.
The adjustments had resulted in the decrease of NGIUKEE's shareholders equity from RM17,992,087 to RM12,190,814 (from 26.17% to 17.73% of NGIUKEE's issued and paid-up capital of RM68,728,700) and triggered the criterion in paragraph 2.1(a) of Practice Note 17.
At the deliberation of NGIUKEE's 4th QR 2010 on 26 May 2010, the external auditors had highlighted to the directors the following:-
i. certain investments in NGIUKEE's subsidiaries might be impaired and the longer inventory turnover period; and
ii. it was recommended that the management conduct a more extensive review of NGIUKEE's property, plant and equipment for impairment and make adequate allowance for stock obsolescence. Notwithstanding these audit issues and the recommendations by the auditors, the above directors had on 26 May 2010 proceeded to approve and issue the 4th QR 2010 which was due for issuance by 30 May 2010. In this regard, the directors had failed to take reasonable efforts to discharge their duties to address and resolve the issues highlighted by the external auditors.
Company Name: NGIU KEE CORPORATION (M) BERHAD
Stock Name: NGIUKEE
Date Announced: 26/04/2012
Announcement Detail:
Subject: BURSA MALAYSIA PUBLICLY REPRIMANDS NGIU KEE CORPORATION (M) BERHAD AND THREE DIRECTORS, THE CHIEF EXECUTIVE OFFICER ALSO FINES RM100,000
Contents: Bursa Malaysia Securities Berhad (Bursa Securities) has publicly reprimanded NGIU KEE Corporation (M) Berhad (NGIUKEE) and three of its directors for failing to take into account adjustments in the company's announcement dated 30 July 2012 when it announced its fourth quarterly report for the financial year ended 31 March 2010 (4th QR 2010) on 26 May 2010. In addition, the Chief Executive Officer has been fined RM100,000.
The adjustments resulted in a 326% difference between the company's audited and unaudited results and the failure to take the adjustments into account breached paragraph 9.16(1)(a) of the Main Market Listing Requirement (Main LR).
The following directors of NGIUKEE at the material time were found to be in breach of paragraph 16.13(b) of the Main LR for permitting knowingly, or where they had reasonable means of obtaining such knowledge, NGIUKEE to commit the breach:
No. Director Penalty 1. Dato' Haji Mohd Fauzi bin Yusuf
Non-Executive Chairman
Audit Committee Chairman
(resigned on 29 April 2011) Public Reprimand 2. Yong Siew Kat
Executive Director / Chief Executive Officer Public Reprimand and fine of RM100,000 3. Dr. Ahmad Faisal bin Zakaria
Executive Director
(resigned on 3 June 2010) Public Reprimand
NGIUKEE is also required to carry out a limited review of its quarterly financial report submissions. The limited review must be performed by NGIUKEE's external auditors for four quarterly financial reports commencing no later than the quarterly report for the financial period ended 31 March 2012. NGIUKEE is also required to ensure all its directors and the relevant personnel attend a training programme in relation to compliance with the Main LR particularly pertaining to financial statements.
The finding of breach and imposition of the above penalties on NGIUKEE and the directors were made pursuant to paragraph 16.19 of the Main LR upon completion of due process and after taking into consideration all facts and circumstances of the matter including the factors giving rise to and materiality of the deviation, the impact of the breach and in relation to the directors, the roles and responsibilities of the respective directors in the Company particularly pertaining to financial management, preparation and review of financial statements.
Bursa Securities views the above contravention seriously as listed companies are required to submit financial statements that are factual, clear, unambiguous, accurate, succinct and contains sufficient information to enable investors to make informed investment decisions.
BACKGROUND
On 26 May 2010, NGIUKEE reported an unaudited profit after tax and minority interest of RM2.580 million in its 4th QR 2010. However, on 30 July 2010, NGIUKEE announced an audited loss after tax and minority interest of RM5.833 million in its annual audited accounts for the financial year ended 31 March 2010. The difference of RM8.413 million between the unaudited and audited results for the financial year ended 31 March 2010 represented a variance of approximately 326%. The variance was mainly due to the following:-
- impairment of the assets of NGIUKEE's subsidiaries amounting to RM4.519 million; and
- allowance for damaged, obsolete and slow moving inventories of RM3.234 million.
The adjustments had resulted in the decrease of NGIUKEE's shareholders equity from RM17,992,087 to RM12,190,814 (from 26.17% to 17.73% of NGIUKEE's issued and paid-up capital of RM68,728,700) and triggered the criterion in paragraph 2.1(a) of Practice Note 17.
At the deliberation of NGIUKEE's 4th QR 2010 on 26 May 2010, the external auditors had highlighted to the directors the following:-
i. certain investments in NGIUKEE's subsidiaries might be impaired and the longer inventory turnover period; and
ii. it was recommended that the management conduct a more extensive review of NGIUKEE's property, plant and equipment for impairment and make adequate allowance for stock obsolescence. Notwithstanding these audit issues and the recommendations by the auditors, the above directors had on 26 May 2010 proceeded to approve and issue the 4th QR 2010 which was due for issuance by 30 May 2010. In this regard, the directors had failed to take reasonable efforts to discharge their duties to address and resolve the issues highlighted by the external auditors.
LEESK - OTHERS
Announcement Type: General Announcement
Company Name: LEE SWEE KIAT GROUP BERHAD
Stock Name: LEESK
Date Announced: 26/04/2012
Announcement Detail:
Type: Announcement
Subject: OTHERS
Description: Lee Swee Kiat Group Berhad ("LEESK" or "the Company")
-Proposed Amendments to the Articles of Association of the Company
Company Name: LEE SWEE KIAT GROUP BERHAD
Stock Name: LEESK
Date Announced: 26/04/2012
Announcement Detail:
Type: Announcement
Subject: OTHERS
Description: Lee Swee Kiat Group Berhad ("LEESK" or "the Company")
-Proposed Amendments to the Articles of Association of the Company
CEPAT - Notice of Shares Buy Back - Immediate Announcement
Announcement Type: Notice of Shares Buy Back - Immediate Announcement
Company Name: CEPATWAWASAN GROUP BERHAD
Stock Name: CEPAT
Date Announced: 26/04/2012
Announcement Detail:
Date of buy back: 26/04/2012
Description of shares purchased: Ordinary shares of RM1.00 each
Currency: Malaysian Ringgit (MYR)
Total number of shares purchased (units): 100
Minimum price paid for each share purchased ($$): 1.130
Maximum price paid for each share purchased ($$): 1.130
Total consideration paid ($$): 113.00
Number of shares purchased retained in treasury (units): 100
Cumulative net outstanding treasury shares as at to-date (units): 9,478,400
Total number of shares purchased and/or held as treasury shares against the total number of outstanding shares of the listed issuer (%): 2.98
Company Name: CEPATWAWASAN GROUP BERHAD
Stock Name: CEPAT
Date Announced: 26/04/2012
Announcement Detail:
Date of buy back: 26/04/2012
Description of shares purchased: Ordinary shares of RM1.00 each
Currency: Malaysian Ringgit (MYR)
Total number of shares purchased (units): 100
Minimum price paid for each share purchased ($$): 1.130
Maximum price paid for each share purchased ($$): 1.130
Total consideration paid ($$): 113.00
Number of shares purchased retained in treasury (units): 100
Cumulative net outstanding treasury shares as at to-date (units): 9,478,400
Total number of shares purchased and/or held as treasury shares against the total number of outstanding shares of the listed issuer (%): 2.98
JETSON - JETSON-EXERCISE OF 3,000 WARRANTS 2002/2012 ("EXERCISE")
Announcement Type: Listing Circular
Company Name: KUMPULAN JETSON BERHAD
Stock Name: JETSON
Date Announced: 26/04/2012
Announcement Detail:
Subject: JETSON-EXERCISE OF 3,000 WARRANTS 2002/2012 ("EXERCISE")
Contents: Kindly be advised that the abovementioned Company's additional 3,000 new ordinary shares of RM1.00 each arising from the aforesaid Exercise will be granted listing and quotation with effect from 9.00 a.m., Monday, 30 April 2012.
Company Name: KUMPULAN JETSON BERHAD
Stock Name: JETSON
Date Announced: 26/04/2012
Announcement Detail:
Subject: JETSON-EXERCISE OF 3,000 WARRANTS 2002/2012 ("EXERCISE")
Contents: Kindly be advised that the abovementioned Company's additional 3,000 new ordinary shares of RM1.00 each arising from the aforesaid Exercise will be granted listing and quotation with effect from 9.00 a.m., Monday, 30 April 2012.
ADVPKG - OTHERS
Announcement Type: General Announcement
Submitting Merchant Bank: NIL
Company Name: ADVANCED PACKAGING TECHNOLOGY (M) BHD
Stock Name: ADVPKG
Date Announced: 26/04/2012
Announcement Detail:
Type: Announcement
Subject: OTHERS
Description: 1. Proposed Renewal of Share Buy-Back Authority
2. Proposed Amendments to the Artilces of Association of the Company
(Collectively "The Proposals)
Submitting Merchant Bank: NIL
Company Name: ADVANCED PACKAGING TECHNOLOGY (M) BHD
Stock Name: ADVPKG
Date Announced: 26/04/2012
Announcement Detail:
Type: Announcement
Subject: OTHERS
Description: 1. Proposed Renewal of Share Buy-Back Authority
2. Proposed Amendments to the Artilces of Association of the Company
(Collectively "The Proposals)
GADANG - OTHERS
Announcement Type: General Announcement
Company Name: GADANG HOLDINGS BHD
Stock Name: GADANG
Date Announced: 26/04/2012
Announcement Detail:
Type: Announcement
Subject: OTHERS
Description: GADANG HOLDINGS BERHAD ("Company")
Outstanding Related Party Receivables
Company Name: GADANG HOLDINGS BHD
Stock Name: GADANG
Date Announced: 26/04/2012
Announcement Detail:
Type: Announcement
Subject: OTHERS
Description: GADANG HOLDINGS BERHAD ("Company")
Outstanding Related Party Receivables
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