IFCAMSC - BURSA MALAYSIA SECURITIES PUBLICLY REPRIMANDS IFCA MSC BERHAD FOR BREACH OF ACE MARKET LISTING REQUIREMENTS
Announcement Type: Listing Circular
Bursa Malaysia Securities views the contravention seriously and has reminded IFCAMSC and its Board of Directors of their obligation to uphold appropriate standards of responsibility and accountability to shareholders and the investing public.
BACKGROUND
Prior to the announcement of the Adjustment on 23 April 2012, the Company had reported the following in their 1st QR 2011, 2nd QR 2011, 3rd QR 2011 and 4th QR 2011:
However, the Company had failed to take into account the Adjustment after the dilution of IFCAMSC’s shareholding in the associate upon the completion of the capital raising exercise undertaken by the associate on 17 February 2011.
The failure to take into account the Adjustment in the 4th QR 2011 had also resulted in IFCAMSC reporting an unaudited profit after taxation and minority interest of RM1,042,969 in the 4th QR 2011 as compared to an audited loss after taxation and minority interest of RM2,676,459 in the annual audited accounts for the FYE 31 December 2011 which was announced on 30 April 2012. The variance of RM3,719,428 between the unaudited and audited results represented a deviation of 357%.
| Company Name | IFCA MSC BERHAD (ACE Market) |
| Stock Name | IFCAMSC |
| Date Announced | 9 Sept 2013 |
| Category | Listing Circular |
| Reference No | UM-130909-57576 |
LISTING'S CIRCULAR NO. L/Q : 68778 OF 2013
Bursa Malaysia Securities Berhad (Bursa Malaysia Securities) has publicly reprimanded IFCA MSC BERHAD (IFCAMSC) for failing to ensure that IFCAMSC's announcements dated 24 May 2011,16 August 2011, 24 November 2011 and 23 February 2012 on the quarterly reports for the financial period ended 31 March 2011 (1st QR 2011), 30 June 2011 (2nd QR 2011), 30 September 2011 (3rd QR 2011) and 31 December 2011 (4th QR 2011) took into account the net effect on foreign exchange differences amounting to RM4.032 million upon the de-recognition of an associate ("the Adjustment").
The failure to take into account the Adjustment was in contravention of Rule 9.16(1)(a) of the Bursa Malaysia Securities ACE Market Listing Requirements (ACE 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 Rule 16.19(1) of the ACE LR after taking into consideration all facts and circumstances of the matter and upon completion of due process.
IFCAMSC 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 30 September 2013. In addition, IFCAMSC must ensure all its directors and relevant personnel attend a training programme on compliance with the ACE LR pertaining to financial statements. IFCAMSC 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 IFCAMSC’s directors to have caused or permitted the breach by IFCAMSC, 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 ACE LR. The Board of Directors at the material time were as follows:
- Yong Keang Cheun
- Yong Kian Keong
- Chew See Chiew
- Hoe Kah Soon
- Ooi Bee Bee
Bursa Malaysia Securities views the contravention seriously and has reminded IFCAMSC and its Board of Directors of their obligation to uphold appropriate standards of responsibility and accountability to shareholders and the investing public.
BACKGROUND
Prior to the announcement of the Adjustment on 23 April 2012, the Company had reported the following in their 1st QR 2011, 2nd QR 2011, 3rd QR 2011 and 4th QR 2011:
Unaudited Results for financial year ended (FYE) 31 December 2011 | Profit / Loss after taxation and minority interest RM |
1st QR 2011 | (682,926) |
2nd QR 2011 | 134,898 |
3rd QR 2011 | 703,370 |
4th QR 2011 | 1,042,969 |
However, the Company had failed to take into account the Adjustment after the dilution of IFCAMSC’s shareholding in the associate upon the completion of the capital raising exercise undertaken by the associate on 17 February 2011.
The failure to take into account the Adjustment in the 4th QR 2011 had also resulted in IFCAMSC reporting an unaudited profit after taxation and minority interest of RM1,042,969 in the 4th QR 2011 as compared to an audited loss after taxation and minority interest of RM2,676,459 in the annual audited accounts for the FYE 31 December 2011 which was announced on 30 April 2012. The variance of RM3,719,428 between the unaudited and audited results represented a deviation of 357%.
PERISAI - Changes in Sub. S-hldr's Int. (29B) - EMPLOYEES PROVIDENT FUND BOARD
Announcement Type: Changes in Substantial Shareholder's Interest Pursuant to Form 29B of the Companies Act. 1965
| Company Name | PERISAI PETROLEUM TEKNOLOGI BHD |
| Stock Name | PERISAI |
| Date Announced | 9 Sept 2013 |
| Category | Changes in Substantial Shareholder's Interest Pursuant to Form 29B of the Companies Act. 1965 |
| Reference No | CC-130909-2A34B |
Particulars of substantial Securities Holder
| Name | EMPLOYEES PROVIDENT FUND BOARD |
| Address | TINGKAT 19, BANGUNAN KWSP, JALAN RAJA LAUT, 50350 KUALA LUMPUR |
| NRIC/Passport No/Company No. | EPF ACT 1991 |
| Nationality/Country of incorporation | MALAYSIA |
| Descriptions (Class & nominal value) | ORDINARY SHARES OF RM0.10 EACH |
| Name & address of registered holder | CITIGROUP NOMINEES (TEMPATAN) SDN BHD - EMPLOYEES PROVIDENT FD BD (AMUNDI) LEVEL 42, MENARA CITIBANK, 165 JALAN AMPANG, 50450 KUALA LUMPUR |
Details of changes
Currency: Malaysian Ringgit (MYR)
| Type of transaction | Date of change | No of securities | Price Transacted (RM) |
| Disposed | 04/09/2013 | 1,000,000 |
| Remarks : |
| The percentage of shareholding excludes 400,000 shares bought-back by the Company and retained as treasury shares. |
KARYON - OTHERS KARYON INDUSTRIES BERHAD (“KIB” OR “COMPANY”) SPECIAL NOTICE ON PROPOSED REMOVAL OF AUDITORS AND NOMINATION OF NEW AUDITORS
Announcement Type: General Announcement
| Company Name | KARYON INDUSTRIES BERHAD (ACE Market) |
| Stock Name | KARYON |
| Date Announced | 9 Sept 2013 |
| Category | General Announcement |
| Reference No | CU-130909-37207 |
| Type | Announcement |
| Subject | OTHERS |
| Description | KARYON INDUSTRIES BERHAD (“KIB” OR “COMPANY”) SPECIAL NOTICE ON PROPOSED REMOVAL OF AUDITORS AND NOMINATION OF NEW AUDITORS |
The Board of Directors of KIB (“Board”) wishes to announce that KIB had on 2 September 2013 and 9 September 2013 received special notice from Mr Loh Chen Yook, being the Chairman / Non-Independent Non-Executive Director and a substantial shareholder of the Company as well as Mr Loh Fatt Chong, being the Non-Independent Non-Executive Director and a substantial shareholder of the Company, holding in aggregate not less than 10% of the voting shares of the Company, proposing the following: (i) the Company to convene an extraordinary general meeting (“EGM”) pursuant to Section 144 of the Companies Act, 1965; (ii) removal of Messrs Raki CS Tan & Ramanan as auditor of the Company (“Proposed Removal of Auditors”); and (iii) nomination for the appointment of Messrs CAS & Associates as new auditors of the Company in place of Messrs Raki CS Tan & Ramanan for the financial year ending 31 December 2013 (“Proposed Appointment of New Auditors”). (The Proposed Removal of Auditors and Proposed Appointment of New Auditors are collectively referred to as the “Proposals”). The Proposals are subject to and conditional upon approval being obtained from the shareholders at an EGM to be convened. A Circular to Shareholders containing details of the Proposals together with the Notice of EGM will be despatched to the shareholders of KIB in due course. This announcement is dated 9 September 2013. | |
INSTACO - NEW ISSUE OF SECURITIES (CHAPTER 6 OF LISTING REQUIREMENTS):BONUS ISSUES
Announcement Type: General Announcement
| Company Name | INSTACOM GROUP BERHAD (ACE Market) |
| Stock Name | INSTACO |
| Date Announced | 9 Sept 2013 |
| Category | General Announcement |
| Reference No | MI-130909-44701 |
| Type | Announcement |
| Subject | NEW ISSUE OF SECURITIES (CHAPTER 6 OF LISTING REQUIREMENTS) BONUS ISSUES |
| Description | INSTACOM GROUP BERHAD (FORMERLY KNOWN AS I-POWER BERHAD) ("INSTACOM" OR THE "COMPANY") BONUS ISSUE OF 351,127,130 WARRANTS IN INSTACOM ("WARRANT(S)") ON THE BASIS OF ONE (1) FREE WARRANT FOR EVERY TWO (2) EXISTING ORDINARY SHARES OF RM0.10 EACH IN INSTACOM HELD AS AT 5.00 P.M. ON 30 AUGUST 2013 ("BONUS ISSUE OF WARRANTS") |
The terms used herein, unless the context otherwise stated, bear the same meaning as those defined in the earlier announcements in relation to the Bonus Issue of Warrants. We refer to the earlier announcements dated 12 June 2013, 4 July 2013, 23 July 2013, 16 August 2013 and 6 September 2013 in relation to the Bonus Issue of Warrants | |
TEXCYCL - 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 | TEX CYCLE TECHNOLOGY (M) BERHAD (ACE Market) |
| Stock Name | TEXCYCL |
| Date Announced | 9 Sept 2013 |
| Category | Notice of Shares Buy Back by a Company Pursuant to Form 28A |
| Reference No | CC-130906-E443D |
SCICOM - DEALINGS IN LISTED SECURITIES (CHAPTER 14 OF LISTING REQUIREMENTS):DEALINGS OUTSIDE CLOSED PERIOD
Announcement Type: General Announcement
| Company Name | SCICOM (MSC) BERHAD |
| Stock Name | SCICOM |
| Date Announced | 9 Sept 2013 |
| Category | General Announcement |
| Reference No | CK-130909-38193 |
| Type | Announcement | |||||||||||||||
| Subject | DEALINGS IN LISTED SECURITIES (CHAPTER 14 OF LISTING REQUIREMENTS) DEALINGS OUTSIDE CLOSED PERIOD | |||||||||||||||
| Description | Pursuant to Paragraph 14.09(a) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, the Company has received notification from Mr. Leo Suresh Ariyanayakam, an Executive Director of Scicom (MSC) Berhad (“SCICOM”) had on 9 September 2013 given notice of his dealing in his dealing in his securities of SCICOM during outside closed period as set out in the table below. | |||||||||||||||
Dealing Description of Securities Number of Shares acquired Price per share (RM) % of Securities 6 September 2013 Ordinary Shares 15,000,000 0.49 5.06 (Direct) 9 September 2013 Ordinary Shares 2,993, 620 0.49 1.01 (Direct) This announcement is dated 9 September 2013. We received the notice from the Director (Mr. Leo Suresh Ariyanayakam) pursuant to Section 135 of the Companies Act, 1965 on 9 September 2013. | ||||||||||||||||
SCICOM - Changes in Director's Interest (S135) - Leo Suresh Ariyanayakam
Announcement Type: Changes in Director's Interest Pursuant to Section 135 of the Companies Act. 1965
| Company Name | SCICOM (MSC) BERHAD |
| Stock Name | SCICOM |
| Date Announced | 9 Sept 2013 |
| Category | Changes in Director's Interest Pursuant to Section 135 of the Companies Act. 1965 |
| Reference No | CK-130909-40853 |
Information Compiled By KLSE
Particulars of Director
| Name | Leo Suresh Ariyanayakam |
| Address | No. 20, Jalan 16/9C, Section 16, 46350 Petaling Jaya, Selangor Darul Ehsan |
| Descriptions(Class & nominal value) | Ordinary Shares of RM0.10 each |
Details of changes
Currency: Malaysian Ringgit (MYR)
Type of transaction | Date of change | No of securities | Price Transacted (RM) |
Acquired | 15,000,000 | 0.490 | |
Acquired | 2,993,620 | 0.490 |
| Circumstances by reason of which change has occurred | Acquisition of Shares |
| Nature of interest | Direct Interest |
| Consideration (if any) | RM8,816,873.80 |
Total no of securities after change | |
| Direct (units) | 52,465,332 |
| Direct (%) | 17.71 |
| Indirect/deemed interest (units) | |
| Indirect/deemed interest (%) | |
| Date of notice | 09/09/2013 |
SCICOM - Changes in Sub. S-hldr's Int. (29B) - PT. Telekomunikasi Indonesia International
Announcement Type: Changes in Substantial Shareholder's Interest Pursuant to Form 29B of the Companies Act. 1965
| Company Name | SCICOM (MSC) BERHAD |
| Stock Name | SCICOM |
| Date Announced | 9 Sept 2013 |
| Category | Changes in Substantial Shareholder's Interest Pursuant to Form 29B of the Companies Act. 1965 |
| Reference No | CK-130909-58142 |
Particulars of substantial Securities Holder
| Name | PT. Telekomunikasi Indonesia International |
| Address | Menara Jamsostek North Tower, 24th Floor, JI. Jend. Gatot Subroto Kav. 38 Jakarta Selatan, 12710 Indonesia |
| NRIC/Passport No/Company No. | As per remarks |
| Nationality/Country of incorporation | Indonesia |
| Descriptions (Class & nominal value) | Ordinary Shares of RM0.10 each |
| Name & address of registered holder | PT. Telekomunikasi Indonesia International Menara Jamsostek North Tower, 24th Floor, JI. Jend. Gatot Subroto Kav. 38 Jakarta Selatan, 12710 Indonesia |
Details of changes
Currency: Malaysian Ringgit (MYR)
| Type of transaction | Date of change | No of securities | Price Transacted (RM) |
| Disposed | 06/09/2013 | 25,000,000 | 0.490 |
| Remarks : |
| Company Number: W8-00573 Ht. 01.04-TH.2007 Scicom (MSC) Berhad received the Form 29B dated 9 September 2013 from PT. Telekomunikasi Indonesia International on 9 September 2013. |
SCICOM - Changes in Sub. S-hldr's Int. (29B) - Leo Suresh Ariyanayakam
Announcement Type: Changes in Substantial Shareholder's Interest Pursuant to Form 29B of the Companies Act. 1965
| Company Name | SCICOM (MSC) BERHAD |
| Stock Name | SCICOM |
| Date Announced | 9 Sept 2013 |
| Category | Changes in Substantial Shareholder's Interest Pursuant to Form 29B of the Companies Act. 1965 |
| Reference No | CK-130909-41259 |
Particulars of substantial Securities Holder
| Name | Leo Suresh Ariyanayakam |
| Address | No. 20, Jalan 16/9C, Section 16, 46350 Petaling Jaya, Selangor Darul Ehsan |
| NRIC/Passport No/Company No. | 630828-78-5029 |
| Nationality/Country of incorporation | Permanent Resident |
| Descriptions (Class & nominal value) | Ordinary Shares of RM0.10 each |
| Name & address of registered holder | Leo Suresh Ariyanayakam No. 20, Jalan 16/9C, Section 16, 46350 Petaling Jaya, Selangor Darul Ehsan |
Details of changes
Currency: Malaysian Ringgit (MYR)
| Type of transaction | Date of change | No of securities | Price Transacted (RM) |
| Acquired | 06/09/2013 | 15,000,000 | 0.490 |
| Acquired | 09/09/2013 | 2,993,620 | 0.490 |
| Remarks : |
| Scicom (MSC) Berhad received the Form 29B dated 9 September 2013 from Leo Suresh Ariyanayakam on 9 September 2013. |
N2N - 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 | N2N CONNECT BERHAD (ACE Market) |
| Stock Name | N2N |
| Date Announced | 9 Sept 2013 |
| Category | Notice of Shares Buy Back by a Company Pursuant to Form 28A |
| Reference No | CM-130830-44169 |
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