Bursa Malaysia publicly reprimands IFCA MSC

KUALA LUMPUR, Sept 9 — Bursa Malaysia Securities Bhd today publicly reprimanded IFCA MSC Bhd for failing to ensure that its announcements took into account the net effect on foreign exchange (forex) differences amounting to RM4.032 million on the de-recognition of an associate.

IFCA MSC
IFCA MSC

The announcements were made in 2011 on May 24, August 16 and November 24, and February 23, 2012, on the quarterly reports for the financial period ended March 31, 2011 (FY11); June 30, 2011, for second quarter FY11; September 30, 2011, for the third quarter FY11; and December 31, 2011, for the fourth quarter FY11.

In a statement today, Bursa Malaysia said the failure to take into account the forex differences was in contravention of Rule 9.16(1)(a) of its ACE Market Listing Requirements (ACE LR).

The rule states that 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.

“IFCA MSC is also required to carry out a limited review of its quarterly report submissions,” Bursa Malaysia said. “The limited review must be performed by external auditors for four quarterly reports commencing from the quarterly report for the financial period ended Sept 30, 2013,” it said. — Bernama

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