KUALA LUMPUR: Bursa Malaysia has publicly reprimanded Johan Holdings Bhd for breaching the listing requirements.
In a statement, the bourse said that Johan’s March 24 2015 announcement on the fourth-quarter report for the financial year ended January 31, 2015 had failed to take into account the adjustments in the announcement dated June 4 2015.
The failure to take into account the adjustments was in contravention of one of the listing requirements where a listed issuer must ensure that each announcement made is factual, clear, unambiguous, accurate, succinct and contains sufficient information to enable investors make their investment decisions, it said.
The public reprimand was imposed after taking into consideration all facts and circumstances of the matter including the impact on Johan’s share price movement and volume traded after announcement of the fourth quarter 2015 and the company’s audited financial statements / adjustments and upon completion of due process, it added.
Johan 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 July 31 2016.
In addition, Johan must ensure all its directors and relevant personnel attend a training programme in relation to compliance with the listing requirements pertaining to financial statements.
While Bursa Malaysia Securities has not found any of Johan’s directors to have caused or permitted the breach by the company, Bursa Malaysia Securities 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 listing requirements.
The board of directors of Johan at the material time were Tan Sri Tan Kay Hock, Puan Sri Tan Swee Bee, Tan Sri Ting Chew Peh, Datuk Ahmad Khairummuzammil Mohd Yusoff and Ooi Teng Chew.
Bursa Malaysia Securities views the contravention seriously as timely and accurate submission of financial statements to enable investors to make informed investment decisions is one of the fundamental obligations of companies listed on the official list of Bursa Malaysia Securities.