Bursa Malaysia publicly reprimands Pasdec, fines seven directors RM468,000

Bursa Malaysia publicly reprimands Pasdec, fines seven directors RM468,000
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KUALA LUMPUR (Sept 1): Bursa Malaysia Securities Bhd has publicly reprimanded Pasdec Holdings Bhd and seven of its directors for breaches of listing requirements.

The seven directors, who included independent non-executive chairman Tan Sri Zulkiple Kassim, executive deputy chairman Datuk Sri Tew Kim Thin and group managing director Tew Kim Kiat, were imposed total fines of RM468,000.

In a statement, Bursa said Pasdec had failed to issue its annual report for the financial year ended Dec 31, 2019 within the extended timeframe of July 31, 2020. The company had only issued the report on Oct 27, 2020, after a delay of 59 market days.

Bursa said Pasdec also failed to ensure that its fourth quarterly report (4QFY19) announced on Feb 28, 2020 took into account the adjustments stated in the group’s announcement on Oct 27, 2020.

“Pasdec had reported an unaudited loss attributable to owners of the company of RM16.362 million in the 4QFY19 announced on Feb 28, 2020, as compared to an audited loss attributable to owners of the company of RM27.502 million in the audited financial statements for FY19 announced on Oct 27,2020. The difference of RM11.14 million represented a variance of 68.1%,” the statement read.

The company was also accused of failing to comply with the enforceable undertaking dated Aug 26, 2019 provided by the company to Bursa, pursuant to the listing requirements.

The exchange said Pasdec was required to carry out a limited review on the company’s quarterly report submission.

“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 Sept 30, 2022. In addition, Pasdec must ensure that all the seven directors and its relevant personnel attend a training programme in relation to compliance with the Main Market Listing Requirements pertaining to financial statements,” it added.

Pasdec shares settled down half a sen or 1.32% at 37.5 sen on Thursday (Sept 1), giving it a market capitalisation of RM150.14 million.

S Kanagaraju