TEKALA - Notice of Shares Buy Back by a Company pursuant to Form 28A
Announcement Type: Notice of Shares Buy Back by a Company Pursuant to Form 28A
Company Name: TEKALA CORPORATION BERHAD
Stock Name: TEKALA
Date Announced: 14/06/2010
Announcement Detail:
Date of buy back from: 08/06/2010
Date of buy back to: 11/06/2010
Currency: Malaysian Ringgit (MYR)
Total number of shares purchased (units): 95,700
Minimum price paid for each share purchased ($$): 0.730
Maximum price paid for each share purchased ($$): 0.735
Total amount paid for shares purchased ($$): 69,899.50
The name of the stock exchange through which the shares were purchased: Bursa Malaysia Securities Berhad
Number of shares purchased retained in treasury (units): 95,700
Total number of shares retained in treasury (units): 10,809,200
Number of shares purchased which were cancelled (units): 0
Date lodged with registrar of companies: 14/06/2010
Lodged by: Tekala Corporation Berhad
Company Name: TEKALA CORPORATION BERHAD
Stock Name: TEKALA
Date Announced: 14/06/2010
Announcement Detail:
Date of buy back from: 08/06/2010
Date of buy back to: 11/06/2010
Currency: Malaysian Ringgit (MYR)
Total number of shares purchased (units): 95,700
Minimum price paid for each share purchased ($$): 0.730
Maximum price paid for each share purchased ($$): 0.735
Total amount paid for shares purchased ($$): 69,899.50
The name of the stock exchange through which the shares were purchased: Bursa Malaysia Securities Berhad
Number of shares purchased retained in treasury (units): 95,700
Total number of shares retained in treasury (units): 10,809,200
Number of shares purchased which were cancelled (units): 0
Date lodged with registrar of companies: 14/06/2010
Lodged by: Tekala Corporation Berhad
TEKALA - Notice of Shares Buy Back - Immediate Announcement
Announcement Type: Notice of Shares Buy Back - Immediate Announcement
Company Name: TEKALA CORPORATION BERHAD
Stock Name: TEKALA
Date Announced: 14/06/2010
Announcement Detail:
Date of buy back: 14/06/2010
Description of shares purchased: Ordinary Shares of RM1.00 each
Currency: Malaysian Ringgit (MYR)
Total number of shares purchased (units): 8,500
Minimum price paid for each share purchased ($$): 0.730
Maximum price paid for each share purchased ($$): 0.730
Total consideration paid ($$): 6,205.00
Number of shares purchased retained in treasury (units): 8,500
Cumulative net outstanding treasury shares as at to-date (units): 10,817,700
Total number of shares purchased and/or held as treasury shares against the total number of outstanding shares of the listed issuer (%): 7.07
Company Name: TEKALA CORPORATION BERHAD
Stock Name: TEKALA
Date Announced: 14/06/2010
Announcement Detail:
Date of buy back: 14/06/2010
Description of shares purchased: Ordinary Shares of RM1.00 each
Currency: Malaysian Ringgit (MYR)
Total number of shares purchased (units): 8,500
Minimum price paid for each share purchased ($$): 0.730
Maximum price paid for each share purchased ($$): 0.730
Total consideration paid ($$): 6,205.00
Number of shares purchased retained in treasury (units): 8,500
Cumulative net outstanding treasury shares as at to-date (units): 10,817,700
Total number of shares purchased and/or held as treasury shares against the total number of outstanding shares of the listed issuer (%): 7.07
LITRAK - LITRAK-EMPLOYEES' SHARE OPTION SCHEME ("SCHEME")
Announcement Type: Listing Circular
Company Name: LINGKARAN TRANS KOTA HOLDINGS BERHAD
Stock Name: LITRAK
Date Announced: 14/06/2010
Announcement Detail:
Subject: LITRAK-EMPLOYEES' SHARE OPTION SCHEME ("SCHEME")
Contents: Kindly be advised that the abovementioned Company's additional 28,000 new ordinary shares of RM0.20 each issued pursuant to the aforesaid Scheme will be granted listing and quotation with effect from 9.00 a.m., Wednesday, 16 June 2010.
Company Name: LINGKARAN TRANS KOTA HOLDINGS BERHAD
Stock Name: LITRAK
Date Announced: 14/06/2010
Announcement Detail:
Subject: LITRAK-EMPLOYEES' SHARE OPTION SCHEME ("SCHEME")
Contents: Kindly be advised that the abovementioned Company's additional 28,000 new ordinary shares of RM0.20 each issued pursuant to the aforesaid Scheme will be granted listing and quotation with effect from 9.00 a.m., Wednesday, 16 June 2010.
PUNCAK - General Announcement
Announcement Type: General Announcement
Company Name: PUNCAK NIAGA HOLDINGS BERHAD
Stock Name: PUNCAK
Date Announced: 14/06/2010
Announcement Detail:
Type: Announcement
Subject: PUNCAK NIAGA HOLDINGS BERHAD (416087-U)
("PUNCAK" OR THE "COMPANY")
KUALA LUMPUR HIGH COURT ORIGINATING SUMMONS NO: D-24NCC-41-2009 KONSORTIUM ABASS SDN BHD ("KONSORTIUM ABASS") v SYARIKAT BEKALAN AIR SELANGOR SDN BHD ("SYABAS")("THE SUIT")
- COURT OF APPEAL CIVIL APPEAL NO. W-02-(NCC)-1428-2010
Contents: Reference is made to the Company's earlier announcements dated 9 October 2009, 15 October 2009, 22 October 2009, 6 November 2009, 19 November 2009, 16 December 2009, 21 January 2010, 3 February 2010, 9 March 2010, 13 April 2010, 23 April 2010, 7 May 2010, 11 May 2010, 1 June 2010 and 3 June 2010 in relation to the Suit.
The Company would like to update the Exchange that the solicitors of SYABAS had, on 14 June 2010, filed the Record of Appeal for the appeal to the Court of Appeal against the decision of the Kuala Lumpur High Court on 7 May 2010.
This announcement is dated 14 June 2010.
Company Name: PUNCAK NIAGA HOLDINGS BERHAD
Stock Name: PUNCAK
Date Announced: 14/06/2010
Announcement Detail:
Type: Announcement
Subject: PUNCAK NIAGA HOLDINGS BERHAD (416087-U)
("PUNCAK" OR THE "COMPANY")
KUALA LUMPUR HIGH COURT ORIGINATING SUMMONS NO: D-24NCC-41-2009 KONSORTIUM ABASS SDN BHD ("KONSORTIUM ABASS") v SYARIKAT BEKALAN AIR SELANGOR SDN BHD ("SYABAS")("THE SUIT")
- COURT OF APPEAL CIVIL APPEAL NO. W-02-(NCC)-1428-2010
Contents: Reference is made to the Company's earlier announcements dated 9 October 2009, 15 October 2009, 22 October 2009, 6 November 2009, 19 November 2009, 16 December 2009, 21 January 2010, 3 February 2010, 9 March 2010, 13 April 2010, 23 April 2010, 7 May 2010, 11 May 2010, 1 June 2010 and 3 June 2010 in relation to the Suit.
The Company would like to update the Exchange that the solicitors of SYABAS had, on 14 June 2010, filed the Record of Appeal for the appeal to the Court of Appeal against the decision of the Kuala Lumpur High Court on 7 May 2010.
This announcement is dated 14 June 2010.
PUNCAK - PUBLIC REPRIMAND ON PUNCAK NIAGA HOLDINGS BERHAD
Announcement Type: Listing Circular
Company Name: PUNCAK NIAGA HOLDINGS BERHAD
Stock Name: PUNCAK
Date Announced: 14/06/2010
Announcement Detail:
Subject: PUBLIC REPRIMAND ON PUNCAK NIAGA HOLDINGS BERHAD
Contents: Bursa Malaysia Securities Berhad ("Bursa Securities") hereby publicly reprimands Puncak Niaga Holdings Berhad ("the Company") for breaches of paragraphs 9.16(1)(a) and 9.19(34) of the Listing Requirements of Bursa Malaysia Securities Berhad ("LR").
The Company is also required to:
(a) carry out a limited review on its quarterly report submissions. The limited review must be performed by the Company's external auditors for four quarterly reports commencing no later from the Company's quarterly report for the financial period ended 30 June 2010; and
(b) ensure all its directors and the relevant personnel of the Company attend a training programme in relation to compliance with the LR particularly pertaining to financial statements.
Pursuant to paragraph 9.16(1)(a) of the LR, a listed issuer must ensure that each announcement is factual, clear, unambiguous, accurate, succinct and contains sufficient information to enable investors to make informed investment decisions.
The Company had breached paragraph 9.16(1)(a) of the LR in respect of the Company's announcement dated 26 February 2009 on its fourth quarterly report for the financial period ended 31 December 2008 ("QR4/2008").
The Company had reported an unaudited profit after taxation and minority interest of RM24,617,000 in its QR4/2008 ("Unaudited Results") as compared to an audited profit after taxation and minority interest of RM21,573,475 ("Audited Results") in its annual audited accounts for the financial year ended 31 December 2008. The difference of RM3,043,525 between the Unaudited Results and the Audited Results for the financial year ended 31 December 2008 represents a deviation of approximately 12.36% ("Deviation").
The Deviation was mainly due to the Company's oversight and weaknesses in its book keeping system.
Pursuant to paragraph 9.19(34) of the LR a listed issuer must make an immediate announcement to Bursa Securities upon the occurrence of any deviation of 10% or more between the profit after tax and minority interest stated in the announced unaudited accounts and the audited accounts, giving an explanation of the deviation and the reconciliation thereof.
The Company had breached paragraph 9.19(34) of the LR as the Company did not announce the explanation on the Deviation in accordance with the requirements.
The public reprimand was imposed pursuant to paragraph 16.17(1) of the LR upon completion of investigation and due process accorded to the Company and after taking into consideration all facts and circumstances of the matter including the fact that the Company had previously breached the LR.
Bursa Securities views the contraventions seriously and reminds the Company and its Board of Directors on their responsibility to maintain appropriate standards of corporate responsibility and accountability in order to achieve greater disclosure and transparency to the shareholders and the investing public.
Whilst Bursa Securities has not made a finding that any of the directors of the Company caused or permitted the aforesaid breach by the Company, Bursa Securities nevertheless wishes to highlight that it is the responsibility of directors of listed companies to maintain appropriate standards of responsibility and accountability within the Company and amongst its officers and employees including, amongst others, an awareness of the importance of compliance with the LR. The Board of Directors of the Company at the material time is as follows:-
1. Tan Sri Rozali Ismail
2. Dato' Matlasa Hitam
3. Dato' Ruslan Hassan
4. Dato' Ir Lee Miang Koi
5. Dato' Syed Danial Syed Ariffin
6. Tan Sri Dato' Hari Narayanan Govindasamy
7. Tan Sri Dato' Seri Dr Ting Chew Peh
8. Tan Seng Lee
9. Tengku Dato' Rahimah Almarhum Sultan Mahmud
10. Tan Sri Dato' Ahmad Fuzi Haji Abdul Razak
Company Name: PUNCAK NIAGA HOLDINGS BERHAD
Stock Name: PUNCAK
Date Announced: 14/06/2010
Announcement Detail:
Subject: PUBLIC REPRIMAND ON PUNCAK NIAGA HOLDINGS BERHAD
Contents: Bursa Malaysia Securities Berhad ("Bursa Securities") hereby publicly reprimands Puncak Niaga Holdings Berhad ("the Company") for breaches of paragraphs 9.16(1)(a) and 9.19(34) of the Listing Requirements of Bursa Malaysia Securities Berhad ("LR").
The Company is also required to:
(a) carry out a limited review on its quarterly report submissions. The limited review must be performed by the Company's external auditors for four quarterly reports commencing no later from the Company's quarterly report for the financial period ended 30 June 2010; and
(b) ensure all its directors and the relevant personnel of the Company attend a training programme in relation to compliance with the LR particularly pertaining to financial statements.
Pursuant to paragraph 9.16(1)(a) of the LR, a listed issuer must ensure that each announcement is factual, clear, unambiguous, accurate, succinct and contains sufficient information to enable investors to make informed investment decisions.
The Company had breached paragraph 9.16(1)(a) of the LR in respect of the Company's announcement dated 26 February 2009 on its fourth quarterly report for the financial period ended 31 December 2008 ("QR4/2008").
The Company had reported an unaudited profit after taxation and minority interest of RM24,617,000 in its QR4/2008 ("Unaudited Results") as compared to an audited profit after taxation and minority interest of RM21,573,475 ("Audited Results") in its annual audited accounts for the financial year ended 31 December 2008. The difference of RM3,043,525 between the Unaudited Results and the Audited Results for the financial year ended 31 December 2008 represents a deviation of approximately 12.36% ("Deviation").
The Deviation was mainly due to the Company's oversight and weaknesses in its book keeping system.
Pursuant to paragraph 9.19(34) of the LR a listed issuer must make an immediate announcement to Bursa Securities upon the occurrence of any deviation of 10% or more between the profit after tax and minority interest stated in the announced unaudited accounts and the audited accounts, giving an explanation of the deviation and the reconciliation thereof.
The Company had breached paragraph 9.19(34) of the LR as the Company did not announce the explanation on the Deviation in accordance with the requirements.
The public reprimand was imposed pursuant to paragraph 16.17(1) of the LR upon completion of investigation and due process accorded to the Company and after taking into consideration all facts and circumstances of the matter including the fact that the Company had previously breached the LR.
Bursa Securities views the contraventions seriously and reminds the Company and its Board of Directors on their responsibility to maintain appropriate standards of corporate responsibility and accountability in order to achieve greater disclosure and transparency to the shareholders and the investing public.
Whilst Bursa Securities has not made a finding that any of the directors of the Company caused or permitted the aforesaid breach by the Company, Bursa Securities nevertheless wishes to highlight that it is the responsibility of directors of listed companies to maintain appropriate standards of responsibility and accountability within the Company and amongst its officers and employees including, amongst others, an awareness of the importance of compliance with the LR. The Board of Directors of the Company at the material time is as follows:-
1. Tan Sri Rozali Ismail
2. Dato' Matlasa Hitam
3. Dato' Ruslan Hassan
4. Dato' Ir Lee Miang Koi
5. Dato' Syed Danial Syed Ariffin
6. Tan Sri Dato' Hari Narayanan Govindasamy
7. Tan Sri Dato' Seri Dr Ting Chew Peh
8. Tan Seng Lee
9. Tengku Dato' Rahimah Almarhum Sultan Mahmud
10. Tan Sri Dato' Ahmad Fuzi Haji Abdul Razak
KENMARK - General Announcement
Announcement Type: General Announcement
Company Name: KENMARK INDUSTRIAL CO. (M) BERHAD
Stock Name: KENMARK
Date Announced: 14/06/2010
Announcement Detail:
Type: Announcement
Subject: KENMARK INDUSTRIAL CO. (M) BERHAD ("Kenmark" or "the Company")
- Changes in shareholding of substantial shareholders
Contents: The Board of Directors of Kenmark was today received verbal confirmation from Dato' Ishak bin Ismail that he has ceased to be substantial shareholder of Kenmark on 9 June 2010. He has indirect interest via Unioncity Enterprises Ltd, a substantial shareholder of the Company, which has today notified the Company vide the Form 29C dated 10 June 2010 that they have disposed of 27,691,900 Kenmark shares in the open market on 9 June 2010.
A representative of BHLB Trustee Berhad for a discretionary trust for the family of Dato' Ishak bin Ismail ("the Trust") has today verbally confirmed to the Company that the Trust has on 10 June 2010 acquired 1,000,000 Kenmark shares and on 11 June 2010 disposed of a total of 31,000,000 Kenmark shares.
This announcement is dated 14 June 2010.
Company Name: KENMARK INDUSTRIAL CO. (M) BERHAD
Stock Name: KENMARK
Date Announced: 14/06/2010
Announcement Detail:
Type: Announcement
Subject: KENMARK INDUSTRIAL CO. (M) BERHAD ("Kenmark" or "the Company")
- Changes in shareholding of substantial shareholders
Contents: The Board of Directors of Kenmark was today received verbal confirmation from Dato' Ishak bin Ismail that he has ceased to be substantial shareholder of Kenmark on 9 June 2010. He has indirect interest via Unioncity Enterprises Ltd, a substantial shareholder of the Company, which has today notified the Company vide the Form 29C dated 10 June 2010 that they have disposed of 27,691,900 Kenmark shares in the open market on 9 June 2010.
A representative of BHLB Trustee Berhad for a discretionary trust for the family of Dato' Ishak bin Ismail ("the Trust") has today verbally confirmed to the Company that the Trust has on 10 June 2010 acquired 1,000,000 Kenmark shares and on 11 June 2010 disposed of a total of 31,000,000 Kenmark shares.
This announcement is dated 14 June 2010.
MMM - General Announcement
Announcement Type: General Announcement
Company Name: MALAYSIAN MERCHANT MARINE BERHAD
Stock Name: MMM
Date Announced: 14/06/2010
Announcement Detail:
Type: Announcement
Subject: MALAYSIAN MERCHANT MARINE BERHAD ("MMM" or "the Company")
- AUDITED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2010 ("AFS")
Contents: Further to the Company's announcements made on 21 April 2010, 3 May 2010, 10 May 2010 , 17 May 2010, 31 May 2010 and 7 June 2010, the Board of Directors of the Company ("the Board") wishes to announce:-
(1) The expected date of commencement of the 2010 audit, projected timeframe and milestone and expected completion date of audit:-
The expected date of commencement of the 2010 audit, projected timeframe and milestone and expected date of completion have yet to be confirmed between the Company and the external auditors.
(2) Other status update relevant to the 2010 audit:-
The Company's auditors are unable to commence the audit of the AFS of MMM until the issue of the 2009 outstanding fees and payment of the 2010 audit fees are satisfactorily resolved. The Directors are deliberating on the next steps to take in regards to this matter and appropriate announcements will be made in due course.
On 14 May 2010, the Board had met with Bursa Malaysia Berhad to update the officers of the status of this matter.
There is no new development on the matter. Announcements will be made in due course if there is further development.
Company Name: MALAYSIAN MERCHANT MARINE BERHAD
Stock Name: MMM
Date Announced: 14/06/2010
Announcement Detail:
Type: Announcement
Subject: MALAYSIAN MERCHANT MARINE BERHAD ("MMM" or "the Company")
- AUDITED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2010 ("AFS")
Contents: Further to the Company's announcements made on 21 April 2010, 3 May 2010, 10 May 2010 , 17 May 2010, 31 May 2010 and 7 June 2010, the Board of Directors of the Company ("the Board") wishes to announce:-
(1) The expected date of commencement of the 2010 audit, projected timeframe and milestone and expected completion date of audit:-
The expected date of commencement of the 2010 audit, projected timeframe and milestone and expected date of completion have yet to be confirmed between the Company and the external auditors.
(2) Other status update relevant to the 2010 audit:-
The Company's auditors are unable to commence the audit of the AFS of MMM until the issue of the 2009 outstanding fees and payment of the 2010 audit fees are satisfactorily resolved. The Directors are deliberating on the next steps to take in regards to this matter and appropriate announcements will be made in due course.
On 14 May 2010, the Board had met with Bursa Malaysia Berhad to update the officers of the status of this matter.
There is no new development on the matter. Announcements will be made in due course if there is further development.
SCOMIMR - General Announcement
Announcement Type: General Announcement
Company Name: SCOMI MARINE BHD
Stock Name: SCOMIMR
Date Announced: 14/06/2010
Announcement Detail:
Type: Announcement
Subject: SCOMI MARINE BHD ("the Company")
- ACQUISITION OF THE REMAINING 60% EQUITY INTEREST IN TRANS ADVANTAGE SDN BHD ("TASB")
Contents: Further to the announcement made by the Company dated 5 May 2010, the Board of Directors of the Company wishes to announce that the acquisition of the remaining 60% equity interest in TASB has been completed on 14 June 2010.
This announcement is dated 14 June 2010.
Company Name: SCOMI MARINE BHD
Stock Name: SCOMIMR
Date Announced: 14/06/2010
Announcement Detail:
Type: Announcement
Subject: SCOMI MARINE BHD ("the Company")
- ACQUISITION OF THE REMAINING 60% EQUITY INTEREST IN TRANS ADVANTAGE SDN BHD ("TASB")
Contents: Further to the announcement made by the Company dated 5 May 2010, the Board of Directors of the Company wishes to announce that the acquisition of the remaining 60% equity interest in TASB has been completed on 14 June 2010.
This announcement is dated 14 June 2010.
LATEXX - LATEXX- EXERCISE OF 101,000 WARRANTS ("EXERCISE")
Announcement Type: Listing Circular
Company Name: LATEXX PARTNERS BERHAD
Stock Name: LATEXX
Date Announced: 14/06/2010
Announcement Detail:
Subject: LATEXX- EXERCISE OF 101,000 WARRANTS ("EXERCISE")
Contents: Kindly be informed that the abovementioned Company's additional 101,000 new ordinary shares of RM0.50 each arising from the aforesaid Exercise will be granted listing and quotation with effect from 9.00 a.m., Tuesday, 15 June 2010.
Company Name: LATEXX PARTNERS BERHAD
Stock Name: LATEXX
Date Announced: 14/06/2010
Announcement Detail:
Subject: LATEXX- EXERCISE OF 101,000 WARRANTS ("EXERCISE")
Contents: Kindly be informed that the abovementioned Company's additional 101,000 new ordinary shares of RM0.50 each arising from the aforesaid Exercise will be granted listing and quotation with effect from 9.00 a.m., Tuesday, 15 June 2010.
AKN - Listing Circular
Announcement Type: Listing Circular
Company Name: AKN TECHNOLOGY BHD
Stock Name: AKN
Date Announced: 14/06/2010
Announcement Detail:
Subject: (I) PUBLIC REPRIMAND ON AKN TECHNOLOGY BERHAD
(II) PUBLIC REPRIMAND AND TOTAL FINES OF RM100,000 ON 2 FORMER DIRECTORS
Contents: Breaches of paragraphs 9.23(b), 8.23(1) and 16.11(b) of the Listing Requirements of Bursa Malaysia Securities Berhad ("LR")
1. Bursa Malaysia Securities Berhad ("Bursa Securities") publicly reprimands AKN Technology Berhad ("AKN" or "the Company") for breaches of paragraphs 9.23(b) and 8.23(1) of the LR.
AKN is also required to ensure all its directors and the relevant personnel of the Company attend a training programme in relation to compliance with the LR particularly pertaining to financial statements.
2. Paragraph 9.23(b) of the LR states that a listed issuer must ensure that the annual audited accounts together with the auditors' and directors' reports shall, in any case, be given to Bursa Securities for public release, within a period not exceeding 4 months from the close of the financial year of the listed issuer unless the annual report is issued within a period of 4 months from the close of the financial year of the listed issuer.
Paragraph 8.23(1) of the LR states that except as otherwise prohibited under the law or in relation to a foreign corporation, the relevant laws of the place of incorporation and subject to subparagraph (2), a listed issuer or its unlisted subsidiaries may only:- (a) lend or advance any money; or
(b) guarantee, indemnify or provide collateral for a debt;
(referred to as "provision of financial assistance" in this Part I) to or in favour of the following:-
(i) directors or employees of the listed issuer or its subsidiaries;
(ii) persons:- (aa) to whom the provision of financial assistance is necessary to facilitate; or
(bb) pursuant to the ordinary course of business of the listed issuer or its subsidiaries such as the provision of advances to its sub-contractors or advances made to clients in the ordinary course of its money lending business; or (iii) the subsidiaries or associated companies of the listed issuer, the listed issuer (in the case of the subsidiaries providing the financial assistance) or its immediate holding company Paragraph 16.11(b) of the LR states that a director of a listed issuer must not permit, either knowingly or where he had reasonable means of obtaining such knowledge, a listed issuer to commit a breach of the LR.
3. AKN had committed the following breaches :-
(a) paragraph 9.23(b) of the LR for failing to submit the Company's annual audited accounts for the financial year ended 30 June 2008 ("AAA 2008") on or before 31 October 2008. AKN only submitted the AAA 2008 on 14 November 2008, after a delay of 10 market days; and (b) paragraph 8.23(1) of the LR in respect of the financial assistance to or on behalf of party(ies) who does not fall within the permitted categories under paragraph 8.23(1)(i) to (iii) of the LR ("permitted persons"). The financial assistance to and on behalf of an individual who does not fall within the permitted persons resulted in net amounts due from the individual ranging from RM1,125 to RM6.881 million (representing 0.001% to 6.3% of the Group's net assets as at 31 March 2007) on various dates between 5 October 2007 and 13 May 2008 as highlighted in the external auditors' disclaimer opinion in the AAA 2008.
Notwithstanding that the financial assistance had been fully repaid as at 30 June 2008, Bursa Securities views a violation of paragraph 8.23 of the LR seriously as it is one of the key investor protection requirements which serve to ensure proper preservation and employment of the company's assets.
4. Bursa Securities also found Ooi Boon Leong, the former Group Chief Executive Officer of AKN and Lim Eng Thong, the former Executive Director in charge of / responsible for the financial affairs of the AKN Group including overseeing the financial management of the Group to be in breach of paragraph 16.11(b) of the LR for permitting knowingly or where they had reasonable means of obtaining such knowledge, the Company to commit the breach of paragraph 8.23(1) of the LR above.
Bursa Securities publicly reprimands the directors and imposes a fine of RM50,000 on each of them for the breach.
5. The finding of breach and imposition of the above penalties on AKN and the former directors are made pursuant to paragraph 16.17 of the LR upon completion of due process and after taking into consideration all facts and circumstances of the matter including in relation to the directors, the roles and responsibilities of the respective directors in the Company.
6. In respect of the Company's breach of paragraph 9.23(b) of the LR, whilst Bursa Securities has not made a finding that any of the directors of the Company caused or permitted the breach, Bursa Securities nevertheless wishes to highlight that it is the responsibility of directors of listed companies to maintain appropriate standards of responsibility and accountability within the Company and amongst its officers and employees including, amongst others, an awareness of the importance of compliance with the LR. The Board of Directors of the Company at the material time is as follows:-
(a) Dato' Ahmad Kabeer Bin Mohamed Nagoor
(b) Ong Hean Kooi
(c) Ooi Boon Leong
(d) Lim Eng Thong
(e) Dato' Hilmi Bin Hj. Abdul Rashid
(f) Mohamed Najeb Bin Ali
(g) Datuk Abdul Hamid Bin Sawal
(h) Lim Kooi Siang
Company Name: AKN TECHNOLOGY BHD
Stock Name: AKN
Date Announced: 14/06/2010
Announcement Detail:
Subject: (I) PUBLIC REPRIMAND ON AKN TECHNOLOGY BERHAD
(II) PUBLIC REPRIMAND AND TOTAL FINES OF RM100,000 ON 2 FORMER DIRECTORS
Contents: Breaches of paragraphs 9.23(b), 8.23(1) and 16.11(b) of the Listing Requirements of Bursa Malaysia Securities Berhad ("LR")
1. Bursa Malaysia Securities Berhad ("Bursa Securities") publicly reprimands AKN Technology Berhad ("AKN" or "the Company") for breaches of paragraphs 9.23(b) and 8.23(1) of the LR.
AKN is also required to ensure all its directors and the relevant personnel of the Company attend a training programme in relation to compliance with the LR particularly pertaining to financial statements.
2. Paragraph 9.23(b) of the LR states that a listed issuer must ensure that the annual audited accounts together with the auditors' and directors' reports shall, in any case, be given to Bursa Securities for public release, within a period not exceeding 4 months from the close of the financial year of the listed issuer unless the annual report is issued within a period of 4 months from the close of the financial year of the listed issuer.
Paragraph 8.23(1) of the LR states that except as otherwise prohibited under the law or in relation to a foreign corporation, the relevant laws of the place of incorporation and subject to subparagraph (2), a listed issuer or its unlisted subsidiaries may only:- (a) lend or advance any money; or
(b) guarantee, indemnify or provide collateral for a debt;
(referred to as "provision of financial assistance" in this Part I) to or in favour of the following:-
(i) directors or employees of the listed issuer or its subsidiaries;
(ii) persons:- (aa) to whom the provision of financial assistance is necessary to facilitate; or
(bb) pursuant to the ordinary course of business of the listed issuer or its subsidiaries such as the provision of advances to its sub-contractors or advances made to clients in the ordinary course of its money lending business; or (iii) the subsidiaries or associated companies of the listed issuer, the listed issuer (in the case of the subsidiaries providing the financial assistance) or its immediate holding company Paragraph 16.11(b) of the LR states that a director of a listed issuer must not permit, either knowingly or where he had reasonable means of obtaining such knowledge, a listed issuer to commit a breach of the LR.
3. AKN had committed the following breaches :-
(a) paragraph 9.23(b) of the LR for failing to submit the Company's annual audited accounts for the financial year ended 30 June 2008 ("AAA 2008") on or before 31 October 2008. AKN only submitted the AAA 2008 on 14 November 2008, after a delay of 10 market days; and (b) paragraph 8.23(1) of the LR in respect of the financial assistance to or on behalf of party(ies) who does not fall within the permitted categories under paragraph 8.23(1)(i) to (iii) of the LR ("permitted persons"). The financial assistance to and on behalf of an individual who does not fall within the permitted persons resulted in net amounts due from the individual ranging from RM1,125 to RM6.881 million (representing 0.001% to 6.3% of the Group's net assets as at 31 March 2007) on various dates between 5 October 2007 and 13 May 2008 as highlighted in the external auditors' disclaimer opinion in the AAA 2008.
Notwithstanding that the financial assistance had been fully repaid as at 30 June 2008, Bursa Securities views a violation of paragraph 8.23 of the LR seriously as it is one of the key investor protection requirements which serve to ensure proper preservation and employment of the company's assets.
4. Bursa Securities also found Ooi Boon Leong, the former Group Chief Executive Officer of AKN and Lim Eng Thong, the former Executive Director in charge of / responsible for the financial affairs of the AKN Group including overseeing the financial management of the Group to be in breach of paragraph 16.11(b) of the LR for permitting knowingly or where they had reasonable means of obtaining such knowledge, the Company to commit the breach of paragraph 8.23(1) of the LR above.
Bursa Securities publicly reprimands the directors and imposes a fine of RM50,000 on each of them for the breach.
5. The finding of breach and imposition of the above penalties on AKN and the former directors are made pursuant to paragraph 16.17 of the LR upon completion of due process and after taking into consideration all facts and circumstances of the matter including in relation to the directors, the roles and responsibilities of the respective directors in the Company.
6. In respect of the Company's breach of paragraph 9.23(b) of the LR, whilst Bursa Securities has not made a finding that any of the directors of the Company caused or permitted the breach, Bursa Securities nevertheless wishes to highlight that it is the responsibility of directors of listed companies to maintain appropriate standards of responsibility and accountability within the Company and amongst its officers and employees including, amongst others, an awareness of the importance of compliance with the LR. The Board of Directors of the Company at the material time is as follows:-
(a) Dato' Ahmad Kabeer Bin Mohamed Nagoor
(b) Ong Hean Kooi
(c) Ooi Boon Leong
(d) Lim Eng Thong
(e) Dato' Hilmi Bin Hj. Abdul Rashid
(f) Mohamed Najeb Bin Ali
(g) Datuk Abdul Hamid Bin Sawal
(h) Lim Kooi Siang
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