KUALA LUMPUR: Bursa Malaysia Securities Bhd has publicly reprimanded Asdion Bhd for committing breaches of the Bursa Malaysia Securities ACE Market Listing Requirements (ACE LR).
Bursa Malaysia said the company has failed to issue its annual report for the financial year ended March 31, 2016 by the stipulated timeframe of July 31, 2016.
It also failed to ensure that the company's announcement dated May 31, 2016 on the fourth quarterly report for the financial year ended March 2016 took into account the adjustments as stated in the company's announcement dated August 12, 2016, Bursa Malaysia said.
“The annual report 2016 was only issued on August 18, 2016, after a delay of 14 market days. Asdion is also required to review and ensure the adequacy and effectiveness of its financial reporting function and 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 quarterly report for the financial period ended September 2017,” it said in a statement.
Asdion must ensure all its directors and relevant personnel attend a training programme in relation to compliance with the ACE LR pertaining to financial statements, Bursa Malaysia added.
The public reprimand and directives were imposed upon completion of due process and after taking into consideration all facts and circumstances of the matter including materiality of the breaches and that Asdion had previously breached the ACE LR.
While Bursa Malaysia Securities has not found any of Asdion’s directors to have caused or permitted the breaches by the company, Bursa Malaysia said it wishes to highlight and remind that it is the duty of the directors to maintain appropriate standards of responsibility and accountability in ensuring compliance of the ACE LR.
Bursa Malaysia said it views the aforesaid contraventions seriously and has reminded Asdion and its board of directors of their responsibility to maintain appropriate standards of corporate responsibility and accountability to its shareholders and the investing public and ensure that such financial reporting breach will not recur.