HAISAN - Listing Circular
Announcement Type: Listing Circular
Company Name: HAISAN RESOURCES BERHAD
Stock Name: HAISAN
Date Announced: 04/10/2011
Announcement Detail:
Subject: BURSA MALAYSIA PUBLICLY REPRIMANDS HAISAN RESOURCES BERHAD AND FINES SEVEN DIRECTORS A TOTAL OF RM225,000
Contents: Bursa Malaysia Securities Berhad ("Bursa Securities") has publicly reprimanded Haisan Resources Berhad ("Haisan") for breach of the Main Market Listing Requirements ("Main LR"), and publicly reprimanded and fined its directors a total of RM225,000.
Haisan was publicly reprimanded for breach of paragraph 9.16(1)(a) of the Main LR for failing to ensure that its unaudited fourth quarter to 31 December 2009 financial results ("QR 4/2009"), announced on 25 February 2010, took into account adjustments made in its audited accounts announced on 30 April 2010. The adjustments resulted in a 68% difference between the company's audited and unaudited results.
The following directors of Haisan 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, Haisan to commit the breach:
No. Director Penalty 1. Kamarudin Bin Md Derom
Executive Chairman Public Reprimand and fine of RM30,000 2. Tengku Baharuddin Ibni Sultan Mahmud
Independent Non-Executive Vice Chairman Public Reprimand and fine of RM25,000 3. Ong Chin Yet
Managing Director (Director primarily responsible for financial management) Public Reprimand and fine of RM50,000 4. Ong Chin Cheong
Executive Director Public Reprimand and fine of RM30,000 5. Chua Boon Leong
Independent Non-Executive Director
Audit Committee Chairman Public Reprimand and fine of RM30,000 6. Heng Wee Pou
Independent Non-Executive Director
Member of Audit Committee
Resigned on 18 February 2011 Public Reprimand and fine of RM30,000 7. Azman Bin Che Onn
Independent Non-Executive Director
Member of Audit Committee Public Reprimand and fine of RM30,000
Haisan was also required to:
(a) carry out a limited review on its quarterly financial report submissions. The limited review must be performed by Haisan's external auditors for four quarterly financial reports commencing no later than the quarterly report for the financial period ended 30 September 2011; and
(b) ensure all its directors and 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 Haisan 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. Bursa Securities also took into account that Haisan had previously been publicly reprimanded on 7 August 2008 for the deviation between its unaudited and audited financial results for the financial year ended 31 December 2007.
Bursa Securities views the above contravention and Haisan's repeated breach of the listing requirements 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
PUBLIC REPRIMAND ON HAISAN RESOURCES BERHAD
On 25 February 2010, Haisan reported an unaudited loss after taxation and minority interest of RM21.77 million for the fourth quarter to December 2009. However, on 30 April 2010, Haisan announced an audited loss after taxation and minority interest of RM36.67 million in the annual audited accounts. The difference of RM14.9 million between the unaudited and audited results for the financial year ended 31 December 2009 represents a variance of approximately 68%. The variance was mainly due to:- the impairment loss on goodwill of RM4.875 million and loss on plant and equipment of RM2.092 million arising from the proposed disposal of a subsidiary, Malaysian Mega Galvaniser Sdn Bhd ("MMG"); the impairment loss of RM4 million on the investment in the unquoted subordinated bonds issued by CapOne Berhad ("the Investment"); and slow moving spare parts inventory of RM2.006 million.
PUBLIC REPRIMAND AND A TOTAL FINE OF RM225,000 IMPOSED ON SEVEN DIRECTORS
At the deliberation of Haisan's QR 4/2009 on 24 February 2010, the directors were informed that the external auditors had highlighted the following:- that management had yet to provide the profit and cashflow forecasts and projections to support that no further impairment loss is required on goodwill on consolidation for MMG; that management had yet to perform an assessment of the useful lives and residual values of the property, plant and equipment of Haisan Group; that management had yet to provide the necessary evidence to support the carrying value and the latest credit rating of the Investment; and Haisan was required to write down the inventories that were slow moving and above four years old amounting to RM2.006 million. Notwithstanding these audit issues, the directors had proceeded to approve the QR 4/2009 which was due for issuance by 28 February 2010. In this regard, the directors had failed to take reasonable efforts to discharge their duties, particularly to undertake reasonable assessment and enquiries to ascertain, address and resolve the issues highlighted by the external auditors. They had proceeded to approve the QR 4/2009 on 24 February 2010 and issued the same on 25 February 2010.
Company Name: HAISAN RESOURCES BERHAD
Stock Name: HAISAN
Date Announced: 04/10/2011
Announcement Detail:
Subject: BURSA MALAYSIA PUBLICLY REPRIMANDS HAISAN RESOURCES BERHAD AND FINES SEVEN DIRECTORS A TOTAL OF RM225,000
Contents: Bursa Malaysia Securities Berhad ("Bursa Securities") has publicly reprimanded Haisan Resources Berhad ("Haisan") for breach of the Main Market Listing Requirements ("Main LR"), and publicly reprimanded and fined its directors a total of RM225,000.
Haisan was publicly reprimanded for breach of paragraph 9.16(1)(a) of the Main LR for failing to ensure that its unaudited fourth quarter to 31 December 2009 financial results ("QR 4/2009"), announced on 25 February 2010, took into account adjustments made in its audited accounts announced on 30 April 2010. The adjustments resulted in a 68% difference between the company's audited and unaudited results.
The following directors of Haisan 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, Haisan to commit the breach:
No. Director Penalty 1. Kamarudin Bin Md Derom
Executive Chairman Public Reprimand and fine of RM30,000 2. Tengku Baharuddin Ibni Sultan Mahmud
Independent Non-Executive Vice Chairman Public Reprimand and fine of RM25,000 3. Ong Chin Yet
Managing Director (Director primarily responsible for financial management) Public Reprimand and fine of RM50,000 4. Ong Chin Cheong
Executive Director Public Reprimand and fine of RM30,000 5. Chua Boon Leong
Independent Non-Executive Director
Audit Committee Chairman Public Reprimand and fine of RM30,000 6. Heng Wee Pou
Independent Non-Executive Director
Member of Audit Committee
Resigned on 18 February 2011 Public Reprimand and fine of RM30,000 7. Azman Bin Che Onn
Independent Non-Executive Director
Member of Audit Committee Public Reprimand and fine of RM30,000
Haisan was also required to:
(a) carry out a limited review on its quarterly financial report submissions. The limited review must be performed by Haisan's external auditors for four quarterly financial reports commencing no later than the quarterly report for the financial period ended 30 September 2011; and
(b) ensure all its directors and 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 Haisan 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. Bursa Securities also took into account that Haisan had previously been publicly reprimanded on 7 August 2008 for the deviation between its unaudited and audited financial results for the financial year ended 31 December 2007.
Bursa Securities views the above contravention and Haisan's repeated breach of the listing requirements 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
PUBLIC REPRIMAND ON HAISAN RESOURCES BERHAD
On 25 February 2010, Haisan reported an unaudited loss after taxation and minority interest of RM21.77 million for the fourth quarter to December 2009. However, on 30 April 2010, Haisan announced an audited loss after taxation and minority interest of RM36.67 million in the annual audited accounts. The difference of RM14.9 million between the unaudited and audited results for the financial year ended 31 December 2009 represents a variance of approximately 68%. The variance was mainly due to:- the impairment loss on goodwill of RM4.875 million and loss on plant and equipment of RM2.092 million arising from the proposed disposal of a subsidiary, Malaysian Mega Galvaniser Sdn Bhd ("MMG"); the impairment loss of RM4 million on the investment in the unquoted subordinated bonds issued by CapOne Berhad ("the Investment"); and slow moving spare parts inventory of RM2.006 million.
PUBLIC REPRIMAND AND A TOTAL FINE OF RM225,000 IMPOSED ON SEVEN DIRECTORS
At the deliberation of Haisan's QR 4/2009 on 24 February 2010, the directors were informed that the external auditors had highlighted the following:- that management had yet to provide the profit and cashflow forecasts and projections to support that no further impairment loss is required on goodwill on consolidation for MMG; that management had yet to perform an assessment of the useful lives and residual values of the property, plant and equipment of Haisan Group; that management had yet to provide the necessary evidence to support the carrying value and the latest credit rating of the Investment; and Haisan was required to write down the inventories that were slow moving and above four years old amounting to RM2.006 million. Notwithstanding these audit issues, the directors had proceeded to approve the QR 4/2009 which was due for issuance by 28 February 2010. In this regard, the directors had failed to take reasonable efforts to discharge their duties, particularly to undertake reasonable assessment and enquiries to ascertain, address and resolve the issues highlighted by the external auditors. They had proceeded to approve the QR 4/2009 on 24 February 2010 and issued the same on 25 February 2010.
KEINHIN - GENERAL MEETINGS: NOTICE OF MEETING
Announcement Type: General Announcement
Company Name: KEIN HING INTERNATIONAL BERHAD
Stock Name: KEINHIN
Date Announced: 04/10/2011
Announcement Detail:
Type: Announcement
Subject: GENERAL MEETINGS
NOTICE OF MEETING
Description: KEIN HING INTERNATIONAL BERHAD ("KHIB")
- Notice of Eighth Annual General Meeting
Attachments: KHIB-Notice (Advetisement).pdf
Company Name: KEIN HING INTERNATIONAL BERHAD
Stock Name: KEINHIN
Date Announced: 04/10/2011
Announcement Detail:
Type: Announcement
Subject: GENERAL MEETINGS
NOTICE OF MEETING
Description: KEIN HING INTERNATIONAL BERHAD ("KHIB")
- Notice of Eighth Annual General Meeting
Attachments: KHIB-Notice (Advetisement).pdf
KEINHIN - First and Final Dividend
Announcement Type: Entitlements (Notice of Book Closure)
Company Name: KEIN HING INTERNATIONAL BERHAD
Stock Name: KEINHIN
Date Announced: 04/10/2011
Announcement Detail:
EX-date: 31/10/2011
Entitlement date: 02/11/2011
Entitlement time: 05:00:00 PM
Entitlement subject: First and Final Dividend
Entitlement description: First and FInal Tax-Exempt Dividend of 4%
Period of interest payment: to
Financial Year End: 30/04/2011
Share transfer book & register of members will be: to closed from (both dates inclusive) for the purpose of determining the entitlements
Registrar's name ,address, telephone no: Tricor Investor Services Sdn. Bhd.
Level 17, The Gardens North Tower
Mid Valley City
Lingkaran Syed Putra
59200 Kuala Lumpur
Tel: 03-22643883
Payment date: 17/11/2011
a. Securities transferred into the Depositor's Securities Account before 4:00 pm in respect of transfers: 02/11/2011
Entitlement indicator: Percentage
Entitlement in percentage (%): 4
Company Name: KEIN HING INTERNATIONAL BERHAD
Stock Name: KEINHIN
Date Announced: 04/10/2011
Announcement Detail:
EX-date: 31/10/2011
Entitlement date: 02/11/2011
Entitlement time: 05:00:00 PM
Entitlement subject: First and Final Dividend
Entitlement description: First and FInal Tax-Exempt Dividend of 4%
Period of interest payment: to
Financial Year End: 30/04/2011
Share transfer book & register of members will be: to closed from (both dates inclusive) for the purpose of determining the entitlements
Registrar's name ,address, telephone no: Tricor Investor Services Sdn. Bhd.
Level 17, The Gardens North Tower
Mid Valley City
Lingkaran Syed Putra
59200 Kuala Lumpur
Tel: 03-22643883
Payment date: 17/11/2011
a. Securities transferred into the Depositor's Securities Account before 4:00 pm in respect of transfers: 02/11/2011
Entitlement indicator: Percentage
Entitlement in percentage (%): 4
GLBHD - Notice of Shares Buy Back - Immediate Announcement
Announcement Type: Notice of Shares Buy Back - Immediate Announcement
Company Name: GOLDEN LAND BERHAD
Stock Name: GLBHD
Date Announced: 04/10/2011
Announcement Detail:
Date of buy back: 04/10/2011
Description of shares purchased: ORDINARY SHARES
Currency: Malaysian Ringgit (MYR)
Total number of shares purchased (units): 100,000
Minimum price paid for each share purchased ($$): 1.000
Maximum price paid for each share purchased ($$): 1.010
Total consideration paid ($$): 101,233.64
Number of shares purchased retained in treasury (units): 5,247,400
Number of shares purchased which are proposed to be cancelled (units): 0
Cumulative net outstanding treasury shares as at to-date (units): 5,247,400
Total number of shares purchased and/or held as treasury shares against the total number of outstanding shares of the listed issuer (%): 2.41
Company Name: GOLDEN LAND BERHAD
Stock Name: GLBHD
Date Announced: 04/10/2011
Announcement Detail:
Date of buy back: 04/10/2011
Description of shares purchased: ORDINARY SHARES
Currency: Malaysian Ringgit (MYR)
Total number of shares purchased (units): 100,000
Minimum price paid for each share purchased ($$): 1.000
Maximum price paid for each share purchased ($$): 1.010
Total consideration paid ($$): 101,233.64
Number of shares purchased retained in treasury (units): 5,247,400
Number of shares purchased which are proposed to be cancelled (units): 0
Cumulative net outstanding treasury shares as at to-date (units): 5,247,400
Total number of shares purchased and/or held as treasury shares against the total number of outstanding shares of the listed issuer (%): 2.41
GLBHD - MATERIAL LITIGATION
Announcement Type: General Announcement
Company Name: GOLDEN LAND BERHAD
Stock Name: GLBHD
Date Announced: 04/10/2011
Announcement Detail:
Type: Announcement
Subject: MATERIAL LITIGATION
Description: GOLDEN LAND BERHAD THE (THE "COMPANY")
WRIT OF SUMMONS
SUIT NO. S-22-34 OF 2010
SABAH AND SARAWAK AT SANDAKAN HIGH COURT - EUGGNE KOUSAI (the "Plaintiff") VS GOLDEN LAND BERHAD ("1st Defendant"), SRI MOSTA SDN BHD ("2nd Defendant"), SRI KEHUMA SDN BHD ("3rd Defendant"), YAPIDMAS PLANTATION SDN BHD ("4th Defendant"), AND LADANG KLUANG SDN BHD ("5th Defendant") (collectively the "Defendants")
Company Name: GOLDEN LAND BERHAD
Stock Name: GLBHD
Date Announced: 04/10/2011
Announcement Detail:
Type: Announcement
Subject: MATERIAL LITIGATION
Description: GOLDEN LAND BERHAD THE (THE "COMPANY")
WRIT OF SUMMONS
SUIT NO. S-22-34 OF 2010
SABAH AND SARAWAK AT SANDAKAN HIGH COURT - EUGGNE KOUSAI (the "Plaintiff") VS GOLDEN LAND BERHAD ("1st Defendant"), SRI MOSTA SDN BHD ("2nd Defendant"), SRI KEHUMA SDN BHD ("3rd Defendant"), YAPIDMAS PLANTATION SDN BHD ("4th Defendant"), AND LADANG KLUANG SDN BHD ("5th Defendant") (collectively the "Defendants")
GLBHD - 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: GOLDEN LAND BERHAD
Stock Name: GLBHD
Date Announced: 04/10/2011
Announcement Detail:
Date of buy back from: 20/09/2011
Date of buy back to: 03/10/2011
Currency: Malaysian Ringgit (MYR)
Total number of shares purchased (units): 335,000
Minimum price paid for each share purchased ($$): 1.010
Maximum price paid for each share purchased ($$): 1.060
Total amount paid for shares purchased ($$): 345,402.76
The name of the stock exchange through which the shares were purchased: BURSA MALAYSIA SECURITIES BERHAD
Number of shares purchased retained in treasury (units): 335,000
Total number of shares retained in treasury (units): 5,147,400
Number of shares purchased which were cancelled (units): 0
Total issued capital as diminished: 0
Date lodged with registrar of companies: 04/10/2011
Lodged by: GOLDEN LAND BERHAD
Company Name: GOLDEN LAND BERHAD
Stock Name: GLBHD
Date Announced: 04/10/2011
Announcement Detail:
Date of buy back from: 20/09/2011
Date of buy back to: 03/10/2011
Currency: Malaysian Ringgit (MYR)
Total number of shares purchased (units): 335,000
Minimum price paid for each share purchased ($$): 1.010
Maximum price paid for each share purchased ($$): 1.060
Total amount paid for shares purchased ($$): 345,402.76
The name of the stock exchange through which the shares were purchased: BURSA MALAYSIA SECURITIES BERHAD
Number of shares purchased retained in treasury (units): 335,000
Total number of shares retained in treasury (units): 5,147,400
Number of shares purchased which were cancelled (units): 0
Total issued capital as diminished: 0
Date lodged with registrar of companies: 04/10/2011
Lodged by: GOLDEN LAND BERHAD
HAIO - Notice of Shares Buy Back - Immediate Announcement
Announcement Type: Notice of Shares Buy Back - Immediate Announcement
Company Name: HAI-O ENTERPRISE BERHAD
Stock Name: HAIO
Date Announced: 04/10/2011
Announcement Detail:
Date of buy back: 04/10/2011
Description of shares purchased: Ordinary Shares of RM0.50 each
Currency: Malaysian Ringgit (MYR)
Total number of shares purchased (units): 3,400
Minimum price paid for each share purchased ($$): 1.630
Maximum price paid for each share purchased ($$): 1.650
Total consideration paid ($$): 5,608.00
Number of shares purchased retained in treasury (units): 3,400
Cumulative net outstanding treasury shares as at to-date (units): 3,110,388
Total number of shares purchased and/or held as treasury shares against the total number of outstanding shares of the listed issuer (%): 1.54
Company Name: HAI-O ENTERPRISE BERHAD
Stock Name: HAIO
Date Announced: 04/10/2011
Announcement Detail:
Date of buy back: 04/10/2011
Description of shares purchased: Ordinary Shares of RM0.50 each
Currency: Malaysian Ringgit (MYR)
Total number of shares purchased (units): 3,400
Minimum price paid for each share purchased ($$): 1.630
Maximum price paid for each share purchased ($$): 1.650
Total consideration paid ($$): 5,608.00
Number of shares purchased retained in treasury (units): 3,400
Cumulative net outstanding treasury shares as at to-date (units): 3,110,388
Total number of shares purchased and/or held as treasury shares against the total number of outstanding shares of the listed issuer (%): 1.54
HAIO - OTHERS
Announcement Type: General Announcement
Company Name: HAI-O ENTERPRISE BERHAD
Stock Name: HAIO
Date Announced: 04/10/2011
Announcement Detail:
Type: Announcement
Subject: OTHERS
Description: APPLICATION TO STRIKE-OFF A DORMANT SUBSIDIARY PURSUANT TO SECTION 308 OF THE COMPANIES ACT 1965
Company Name: HAI-O ENTERPRISE BERHAD
Stock Name: HAIO
Date Announced: 04/10/2011
Announcement Detail:
Type: Announcement
Subject: OTHERS
Description: APPLICATION TO STRIKE-OFF A DORMANT SUBSIDIARY PURSUANT TO SECTION 308 OF THE COMPANIES ACT 1965
DAIBOCI - Notice of Shares Buy Back - Immediate Announcement
Announcement Type: Notice of Shares Buy Back - Immediate Announcement
Company Name: DAIBOCHI PLASTIC AND PACKAGING INDUSTRY BHD.
Stock Name: DAIBOCI
Date Announced: 04/10/2011
Announcement Detail:
Date of buy back: 04/10/2011
Description of shares purchased: Ordinary shares of RM1.00 each
Currency: Malaysian Ringgit (MYR)
Total number of shares purchased (units): 17,000
Minimum price paid for each share purchased ($$): 2.420
Maximum price paid for each share purchased ($$): 2.450
Total consideration paid ($$): 41,723.45
Number of shares purchased retained in treasury (units): 17,000
Number of shares purchased which are proposed to be cancelled (units): 0
Cumulative net outstanding treasury shares as at to-date (units): 1,089,800
Adjusted issued capital after cancellation (no. of shares) (units): 0
Total number of shares purchased and/or held as treasury shares against the total number of outstanding shares of the listed issuer (%): 1.44
Company Name: DAIBOCHI PLASTIC AND PACKAGING INDUSTRY BHD.
Stock Name: DAIBOCI
Date Announced: 04/10/2011
Announcement Detail:
Date of buy back: 04/10/2011
Description of shares purchased: Ordinary shares of RM1.00 each
Currency: Malaysian Ringgit (MYR)
Total number of shares purchased (units): 17,000
Minimum price paid for each share purchased ($$): 2.420
Maximum price paid for each share purchased ($$): 2.450
Total consideration paid ($$): 41,723.45
Number of shares purchased retained in treasury (units): 17,000
Number of shares purchased which are proposed to be cancelled (units): 0
Cumulative net outstanding treasury shares as at to-date (units): 1,089,800
Adjusted issued capital after cancellation (no. of shares) (units): 0
Total number of shares purchased and/or held as treasury shares against the total number of outstanding shares of the listed issuer (%): 1.44
GFB - Notice of Shares Buy Back - Immediate Announcement
Announcement Type: Notice of Shares Buy Back - Immediate Announcement
Company Name: GOLDEN FRONTIER BERHAD
Stock Name: GFB
Date Announced: 04/10/2011
Announcement Detail:
Date of buy back: 04/10/2011
Description of shares purchased: Ordinary Shares of RM1 each
Currency: Malaysian Ringgit (MYR)
Total number of shares purchased (units): 5,000
Minimum price paid for each share purchased ($$): 1.180
Maximum price paid for each share purchased ($$): 1.180
Total consideration paid ($$): 5,947.77
Number of shares purchased retained in treasury (units): 5,000
Number of shares purchased which are proposed to be cancelled (units): 0
Cumulative net outstanding treasury shares as at to-date (units): 3,978,200
Adjusted issued capital after cancellation (no. of shares) (units): 56,616,106
Total number of shares purchased and/or held as treasury shares against the total number of outstanding shares of the listed issuer (%): 7.02
Remarks: Total consideration paid for shares purchased is inclusive of brokerage, clearing house fee and stamp duty.
This announcement is dated 04/10/2011.
Company Name: GOLDEN FRONTIER BERHAD
Stock Name: GFB
Date Announced: 04/10/2011
Announcement Detail:
Date of buy back: 04/10/2011
Description of shares purchased: Ordinary Shares of RM1 each
Currency: Malaysian Ringgit (MYR)
Total number of shares purchased (units): 5,000
Minimum price paid for each share purchased ($$): 1.180
Maximum price paid for each share purchased ($$): 1.180
Total consideration paid ($$): 5,947.77
Number of shares purchased retained in treasury (units): 5,000
Number of shares purchased which are proposed to be cancelled (units): 0
Cumulative net outstanding treasury shares as at to-date (units): 3,978,200
Adjusted issued capital after cancellation (no. of shares) (units): 56,616,106
Total number of shares purchased and/or held as treasury shares against the total number of outstanding shares of the listed issuer (%): 7.02
Remarks: Total consideration paid for shares purchased is inclusive of brokerage, clearing house fee and stamp duty.
This announcement is dated 04/10/2011.
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