Four ex-directors of ETI-Tech fined for breaching market listing requirements

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KUALA LUMPUR (Feb 26): Four ex-directors of ETI Tech Corporation Bhd have been fined a total of RM22,800 by Bursa Malaysia today for breaching market listing requirements.

The four directors who were fined are Datuk Ahmad Shukri bin Tajuddin, Lee Kah Kheng, Khor Yee Kwang and Nordin bin Mohamad Desa.

In a statement to the press today, the exchange regulator stated ETI Tech had failed to announce its audited financial statements (AFS) for the financial period from Sept 1, 2011 to Feb 28, 2013.

The firm had only announced the AFS 2013 on Aug 1, 2013, after a delay of 24 market days.

“ETI Tech had failed to demonstrate reasonable steps/efforts taken to ensure the outstanding audit issues were resolved expeditiously, to enable timely announcement of the audited financial statements 2013,” Bursa said.

ETI Tech (fundamental: 0.15; valuation: 0.3) shares remain unchanged at 7.5 sen today, with a market capitalisation of RM74.9 million.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)