Friday 29 Mar 2024
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KUALA LUMPUR (July 28): Bursa Malaysia Securities Bhd has publicly reprimanded Bertam Alliance Bhd for failing to make timely announcements over several land transactions that took place in 2015 and 2016, as well as for failing to obtain shareholders' approval prior to one of the deals. 

Also reprimanded were seven directors of the company at the material time; two were also fined a total of RM75,000.

In a statement, Bursa said Bertam failed to make timely announcements for the transaction that involved 26 plots of contiguous vacant agricultural land. The announcements were only made in 2017. In addition, Bertam also failed to obtain prior shareholders’ approval on one of the transactions that took place in 2015, and only obtained shareholders’ ratification in 2018.

The two who were both reprimanded and fined were Bertam’s former managing director Lim Nyuk Foh (fined RM50,000) who has been redesignated as executive director  in 2019, and former executive director Yap Yee May (fined RM25,000). Yap resigned in 2017.

The others who were reprimanded were Lee Keh Ting -- an executive director who also resigned in 2017 -- and Bertam's then independent non-executive directors Datuk Mohamed Arsad Sehan, Lim Shaw Keong @ Alfred Lim (resigned 2019), Chiew Boon Chin (redesignated as executive director in 2016) and Koo Jenn Man. 

Bursa said it viewed the breach seriously as the requirements to make timely announcement and obtain prior shareholders’ approval of material transactions are fundamental to aid informed investment decisions and protect shareholders’ interest.

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