KUALA LUMPUR, July 18 — Bursa Malaysia Securities Bhd has publicly reprimanded Bina Goodyear Bhd (BGYEAR) for breaching Main Market Listing Requirements (Main LR).
It said the company had breached paragraph 9.16(1)(a) of the LR that required a listed company to ensure factual, clear, unambiguous, accurate, succinct and sufficient information in each announcement made to enable investors to make informed investment decisions.
BGYEAR’s announcement of Oct 29, 2012, in its annual audited accounts for the financial year ended June 30, 2012, was found not factual and accurate, Bursa Malaysia said in a statement today.
“This is particularly with regards to the carrying value of the amounts due from customers on contracts and trade and other receivables,” it added.
According to Bursa Malaysia, BGYEAR is required to review and ensure the adequacy and effectiveness of its financial reporting function and carry out a limited review of its quarterly report submissions.
The review must be performed by external auditors for four quarterly reports commencing from the quarterly report for the financial period ended September 30, 2014.
In addition, the company must ensure that all its directors and relevant personnel attend a training programme in compliance with the Main LR pertaining to financial statements.
While, Bursa Malaysia did not find any of BGYEAR’s directors to have caused or permitted the breach by the company, it pointed out that it was their duty to maintain appropriate standards of responsibility and accountability in ensuring compliance of the Main LR. — Bernama
