ATURMJU - Change in Audit Committee
| Company Name | ATURMAJU RESOURCES BERHAD |
| Stock Name | ATURMJU |
| Date Announced | 15 Mar 2013 |
| Category | Change in Audit Committee |
| Reference No | CC-130315-43705 |
| Date of change | 15/03/2013 |
| Name | NG KOK WAH |
| Age | 34 |
| Nationality | Malaysian |
| Type of change | Appointment |
| Designation | Chairman of Audit Committee |
| Directorate | Independent & Non Executive |
| Qualifications | i) Fellow member of the Association of Chartered Certified Accountants (ACCA); and ii)Member of Malaysian Institute of Accountants (MIA) |
| Working experience and occupation | He started his career with a small accounting firm since year 1998 followed by an international medium accounting firm which he handled various audit and non-audit assignments of both listed and non-listed companies involved in a wide range of business activities include financial institutions like bank and insurance company. |
| Directorship of public companies (if any) | Nil |
| Family relationship with any director and/or major shareholder of the listed issuer | Nil |
| Any conflict of interests that he/she has with the listed issuer | Nil |
| Details of any interest in the securities of the listed issuer or its subsidiaries | Nil |
| Composition of Audit Committee (Name and Directorate of members after change) | Mr Ng Kok Wah (Chairman) - Independent Non-Executive Director En Abdul Rahman Bin Ahmad Mahidin (Member) - Chairman, Independent Non-Executive Director Datuk Baharon bin Talib (Member) - Independent Non-Executive Director |
ATURMJU - Change in Boardroom
| Company Name | ATURMAJU RESOURCES BERHAD |
| Stock Name | ATURMJU |
| Date Announced | 15 Mar 2013 |
| Category | Change in Boardroom |
| Reference No | CC-130315-65608 |
| Date of change | 15/03/2013 |
| Name | NG KOK WAH |
| Age | 34 |
| Nationality | Malaysian |
| Type of change | Appointment |
| Designation | Non-Executive Director |
| Directorate | Independent & Non Executive |
| Qualifications | i) Fellow member of the Association of Chartered Certified Accountants (ACCA); and ii)Member of Malaysian Institute of Accountants (MIA) |
| Working experience and occupation | He started his career with a small accounting firm since year 1998 followed by an international medium accounting firm which he handled various audit and non-audit assignments of both listed and non-listed companies involved in a wide range of business activities include financial institutions like bank and insurance company. |
| Directorship of public companies (if any) | Nil |
| Family relationship with any director and/or major shareholder of the listed issuer | Nil |
| Any conflict of interests that he/she has with the listed issuer | Nil |
| Details of any interest in the securities of the listed issuer or its subsidiaries | Nil |
ATURMJU - Change in Boardroom
| Company Name | ATURMAJU RESOURCES BERHAD |
| Stock Name | ATURMJU |
| Date Announced | 15 Mar 2013 |
| Category | Change in Boardroom |
| Reference No | CC-130315-65977 |
| Date of change | 15/03/2013 |
| Name | Wong Yew Sen |
| Age | 66 |
| Nationality | Malaysian |
| Designation | Non-Executive Director |
| Directorate | Independent & Non Executive |
| Type of change | Resignation |
| Reason | Due to personal commitment |
| Details of any disagreement that he/she has with the Board of Directors | No |
| Whether there are any matters that need to be brought to the attention of the shareholders | No |
| Qualifications | Mr. Wong is a Senior Associate Member of Institut Bank-Bank Malaysia since 1978. He graduated with Bachelor of Economics from University Malaya in 1971 and obtained a Diploma in Banking from Institute Bankers, London in 1973. |
| Working experience and occupation | Mr. Wong was involved in the supervision of banking institutions for about 27 years since he joined Bank Negara Malaysia ("BNM") in August 1971. He held various positions in BNM including Deputy Director of Supervision Department; Head of Internal Audit Department; Director of Banking Supervision 2 Department and Director of Insurance Supervision Department. From November 2003 to April 2006, he was appointed Adviser (Supervision) of Department of Co-Operative Development Malaysia, responsible for building up the supervisory functions of the department on Co-operatives. He was a Governor of Institute of Internal Auditors Malaysia between April 1993 to April 2006. |
| Directorship of public companies (if any) | Nil |
| Family relationship with any director and/or major shareholder of the listed issuer | Nil |
| Any conflict of interests that he/she has with the listed issuer | Nil |
| Details of any interest in the securities of the listed issuer or its subsidiaries | Nil |
KBB - OTHERS KBB Resources Berhad ("KBB" or "the Company") - Completion of Investigative Audit Report by CHI-LLTC
| Company Name | KBB RESOURCES BERHAD |
| Stock Name | KBB |
| Date Announced | 15 Mar 2013 |
| Category | General Announcement |
| Reference No | CC-130315-65233 |
| Type | Announcement |
| Subject | OTHERS |
| Description | KBB Resources Berhad ("KBB" or "the Company") - Completion of Investigative Audit Report by CHI-LLTC |
Reference is made to the Company's announcement dated 30 August 2012, 4 September 2012, 30 November 2012 and 3 December 2012 respectively, particularly announcement dated 4 September 2012 which stated that after the release of KBB’s quarterly announcement for period ended 31 March 2012 on 31 May 2012, Bursa Malaysia Securities Bhd (“Bursa Malaysia”) has expressed their concerns in relation to the high trade receivable and inventory turnover periods. Bursa Malaysia’s concern was escalated to KBB’s Board of Directors which had decided to appoint Messrs CHI–LLTC on 9 July 2012 to conduct a limited review to investigate the matter. After Messrs CHI-LLTC has clarified the possible reasons leading the proposed write-off amounts for both trade receivables and inventories in their report, the Board had further decided to appoint Messrs CHI-LLTC to conduct an investigation audit on 30 August 2012. The Board of Directors of KBB wishes to announce that the Report of the Investigative Audit on Trade Receivables, Inventories & Property, Plant & Equipment of the Company and its Subsidiary Companies has been completed and presented to the Board. The key findings of the Report are as follows: - i) Trade Receivables The bad debts written off during the financial period 30 June 2012 amounted to RM32,219,449.00 were due to long outstanding trade debtors for more than 11 months. From the third parties’ circularization, it noted that majority of the trade debtors do not agree with that amount of outstanding figures and some of them replied that they do not have any outstanding amount with Kilang Bihun Bersatu Sdn Bhd (“KBBSB”). Based on the analysis, it believe that all these long outstanding debtors are fictitious amount and caused by the fictitious sale invoices generated for drawing sale Banker Acceptances (“BAs”) from the banks. KBBSB’s “Previous Management” does not have appropriate collection system for its trade debtors, especially for those long outstanding debtors, and two types of billing system were implemented on KBBSB trade debtors. Most of the long outstanding balances derived from one of the billing system, which create doubt on the existence of the debtors and indirectly raise the issue of possible injection of revenue. KBBSB’s “Previous Management” does not have appropriate cash control system for monitoring its cash position. All money collected and payment made are recorded in CASH terms, which create the suspicious of the actual money collected from its debtors and proper payment to its suppliers. There are many irregularities on the cash control system and may create the issue of transferring cash out from the Company. ii) Inventories Based on the Inventory Turnover Analysis, it noted that the Group has a very significant inventory turnover period from Financial Year 2008 (“FY 2008”) to Financial Year 2010 (“FY2010”). According to the new management, the Group does not have that available warehouse and/or store to keep all these inventories for FY 2008 to FY 2010. As such this raises the question as to the existence of the inventories during the period from FY 2008 to FY 2010. The Group had recorded total inventories of approximately RM49Million, RM56 Million and RM31Million as at FY ended 2008 to 2010 respectively. From the analysis work done, it found that keeping of such a huge volume of inventories of sago sticks, sago starch, “beehoon”, “beehoon laksa” or rice vermicelli would require huge storing space equivalent to KBB existing warehouse capacity. Moreover keeping of these huge volumes of inventories will trigger to slow inventories turnover and vulnerable to the KBB’s financial liquidity. This has created a suspicious creation of fictitious inventory records. iii) Property, Plant & Equipment Based on the physical assets sighting conducted at both the KBBSB and Rasayang Food Industries Sdn Bhd (“RFI’s”) premises, it noted that the Investigative Auditors are unable to identify or to match the items from the fixed assets listing to the physical assets, mainly for the plant and machinery. This is largely due to most of the plant and machineries are assembled from small parts and components. The Investigative Auditors have interviewed KBBSB’s factory manager and were informed that the manager is unable to match the parts and/or components recorded in the fixed assets listing to the respective plant and machinery. During the year 2009, it noted that KBBSB has purchased plant and machinery from a supplier from Singapore, and it also noted that KBBSB has settled the invoices by cheques. The Investigative Auditors are unable to verify whether those cheques issued were paid for the plant and machinery purchased as the cash control account and bank account reported “CASH” payment. During the year 2010, KBBSB purchased 2 units of plant and machinery from a sole proprietor, amounting to RM250,000 in total. From the company search, the sole proprietor ceased operations with effect from 30 March 1999. Financial Impact The results and/or findings of the Investigative Audit Report will not have any impact on the financial performance and position of the Group as the new management had took reasonable steps to ensure all ‘non-existence’ and obsolete inventories, and all known bad debts had been written-off during Financial Period EndedPE 30 June 2012. The value of property, plant & equipment had been properly depreciated and impaired to an amount which they might be expected so to realise. Operational Impact The results and/or findings of the Investigative Audit Report will not have any impact on the operation of the Group as the new management had took reasonable steps to ensure the Group has good financial reporting system and sound internal control in place. Documents and records for the review period from 1 January 2008 to 31 December 2010 are highly incomplete. The management has lodged various police reports to recover these documents and records, and at the completion of the investigative audit, majority of those documents and records were yet recovered. The Board of Directors will seek the advice of the Company’s legal advisors on the next course of action to be taken including lodging of another Police Report. This announcement is made on 15 March 2013. | |
HAIO - Notice of Shares Buy Back - Immediate Announcement
| Company Name | HAI-O ENTERPRISE BERHAD |
| Stock Name | HAIO |
| Date Announced | 15 Mar 2013 |
| Category | Notice of Shares Buy Back - Immediate Announcement |
| Reference No | CP-130315-31AC5 |
TIMWELL - BURSA MALAYSIA SECURITIES PUBLICLY REPRIMANDS TIMBERWELL BERHAD FOR BREACH OF MAIN MARKET LISTING REQUIREMENTS
| Company Name | TIMBERWELL BERHAD |
| Stock Name | TIMWELL |
| Date Announced | 15 Mar 2013 |
| Category | Listing Circular |
| Reference No | UM-130315-62088 |
LISTING'S CIRCULAR NO. L/Q : 67348 OF 2013
Bursa Malaysia Securities Berhad (Bursa Malaysia Securities) has publicly reprimanded Timberwell Berhad (TIMWELL) for failing to ensure that TIMWELL’s announcement dated 28 February 2012 on the fourth quarterly report for the financial year ended 31 December 2011 (Q4 2011) took into account the adjustments as stated in TIMWELL’s announcement dated 30 April 2012.
The failure to take into account the adjustments was in contravention of paragraph 9.16(1)(a) of the Bursa Malaysia Securities Main Market Listing Requirements (Main LR) where a listed issuer must ensure that each announcement made is factual, clear, unambiguous, accurate, succinct and contains sufficient information to enable investors to make informed investment decisions.
- The public reprimand was imposed pursuant to paragraph 16.19(1) of the Main LR after taking into consideration all facts and circumstances of the matter and upon completion of due process.
TIMWELL is also required to carry out a limited review of its quarterly report submissions. The limited review must be performed by external auditors for four quarterly reports commencing from the quarterly report for the financial period ended 31 March 2013. In addition, TIMWELL must ensure all its directors and relevant personnel attend a training programme on compliance with the Main LR pertaining to financial statements. TIMWELL is also required to review and ensure the adequacy and effectiveness of its financial reporting function.
While Bursa Malaysia Securities has not found any of TIMWELL’s directors to have caused or permitted the breach by TIMWELL, Bursa Malaysia Securities wishes to highlight that it is the duty of the directors to maintain appropriate standards of responsibility and accountability in ensuring compliance of the Main LR. The Board of Directors at the material time were as follows:
- YBhg Dato’ Seri Abdul Azim Bin Mohd Zabidi
- YB Datuk Mohamad Bin Haji Aziz
- Datuk Alladin Bin Mohd Hashim
- Datuk Yap Pak Leong
- Lam Soei Tin @ Agnes Lam
- Sui Diong Hoe
Bursa Malaysia Securities views the contravention seriously and has reminded TIMWELL and its Board of Directors of their obligation to uphold appropriate standards of responsibility and accountability to shareholders and the investing public.
BACKGROUND
TIMWELL reported an unaudited loss after taxation and minority interest of RM362,000 in TIMWELL’s Q4 2011, compared to an audited loss after taxation and minority interest of RM2,259,000 in TIMWELL’s annual audited accounts for the financial year ended 31 December 2011 (AAA 2011) which was announced on 30 April 2012. The variance of RM1,897,000 between the unaudited and audited results represented a deviation of 524%.
- The deviation was mainly due to provision of depreciation charges arising from the reversal of TIMWELL’s subsidiary’s assets from non-current asset held for sale to property plant and equipment in the AAA 2011. TIMWELL had failed to discharge its obligation to ensure that the Q4 2011 complied with paragraph 9.16(1)(a) of the Main LR particularly in the light of the communication by the external auditors to TIMWELL (i.e. prior to the issuance of the Q4 2011) that the assets which had been classified to non-current asset held for sale did not fulfil the accounting standard and recommended that the non-current asset held for sale to be reclassified back to property, plant and equipment and to account for the depreciation charges in the financial statements for the year ended 2011.
DAIBOCI - Notice of Shares Buy Back - Immediate Announcement
| Company Name | DAIBOCHI PLASTIC AND PACKAGING INDUSTRY BHD. |
| Stock Name | DAIBOCI |
| Date Announced | 15 Mar 2013 |
| Category | Notice of Shares Buy Back - Immediate Announcement |
| Reference No | DP-130315-668F7 |
BHIC - OTHERS BOUSTEAD HEAVY INDUSTRIES CORPORATION BERHAD ("BHIC OR "THE COMPANY") -RECEIPT OF LETTER OF AWARD FROM BOUSTEAD NAVAL SHIPYARD SDN BHD
| Company Name | BOUSTEAD HEAVY INDUSTRIES CORPORATION BHD |
| Stock Name | BHIC |
| Date Announced | 15 Mar 2013 |
| Category | General Announcement |
| Reference No | BH-130315-44017 |
| Type | Announcement |
| Subject | OTHERS |
| Description | BOUSTEAD HEAVY INDUSTRIES CORPORATION BERHAD ("BHIC OR "THE COMPANY") -RECEIPT OF LETTER OF AWARD FROM BOUSTEAD NAVAL SHIPYARD SDN BHD |
Further to our announcement dated 14 March 2013, the Company wishes to rectify that the Commencement Date of the Awarded Works is 14 March 2013 instead of 2 October 2012. This announcement is dated 15 March 2013. | |
KFM - DEALINGS IN LISTED SECURITIES (CHAPTER 14 OF LISTING REQUIREMENTS):DEALINGS OUTSIDE CLOSED PERIOD
| Company Name | KUANTAN FLOUR MILLS BHD |
| Stock Name | KFM |
| Date Announced | 15 Mar 2013 |
| Category | General Announcement |
| Reference No | CM-130315-62231 |
| Type | Announcement | ||||||||||||
| Subject | DEALINGS IN LISTED SECURITIES (CHAPTER 14 OF LISTING REQUIREMENTS) DEALINGS OUTSIDE CLOSED PERIOD | ||||||||||||
| Description | Kuantan Flour Mills Berhad ( “ KFM” or “ the Company”) | ||||||||||||
Pursuant to Paragraph 14.09(a) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, the Company wishes to announce that a Director, Mr. Dennis Tow Jun Fye has transacted dealing in the securities of the Company. The details as set out in the table below:
This announcement is dated 15 March 2013. | |||||||||||||
KFM - DEALINGS IN LISTED SECURITIES (CHAPTER 14 OF LISTING REQUIREMENTS):DEALINGS OUTSIDE CLOSED PERIOD
| Company Name | KUANTAN FLOUR MILLS BHD |
| Stock Name | KFM |
| Date Announced | 15 Mar 2013 |
| Category | General Announcement |
| Reference No | CM-130315-59438 |
| Type | Announcement | ||||||||||||
| Subject | DEALINGS IN LISTED SECURITIES (CHAPTER 14 OF LISTING REQUIREMENTS) DEALINGS OUTSIDE CLOSED PERIOD | ||||||||||||
| Description | Kuantan Flour Mills Berhad ( “ KFM” or “ the Company”) | ||||||||||||
Pursuant to Paragraph 14.09(a) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, the Company wishes to announce that a Director, Mr. Dennis Tow Jun Fye has transacted dealing in the securities of the Company. The details as set out in the table below:
This announcement is dated 15 March 2013. | |||||||||||||
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