KUALA LUMPUR (Oct 27): Kinsteel Bhd's chairman Datuk Ong Tee Thong has been redesignated as the group's non-executive chairman, effective today.

According to a filing with the bourse, Ong, who currently holds a 0.03% direct stake in Kinsteel, is currently a director at Maju Holdings Sdn Bhd, which is a substantial shareholder of Kinsteel.

He also sits on the board of several companies involved in property development and infrastructure projects.

Kinsteel, together with its 30.54%-owned subsidiary Perwaja Holdings Bhd, was publicly reprimanded by Bursa Malaysia just last week, for breaching listing requirements with regards to their quarterly financial reports for the 18-month period ended June 30, 2014.

The requirement states that a listed issuer must ensure each announcement made is factual, clear, unambiguous, accurate, succinct and contains sufficient information to enable investors to make informed investment decisions.

Kinsteel had reported an unaudited net loss of RM421.49 million for the period, which was announced on Aug 29, compared to an audited net loss of RM546.81 million in its audited financial statements announced on Nov 7, 2014.

The difference between the two figures were attributed to the impairment of plant and machinery of RM233.57 million in Perwaja.

But despite requests by the external auditors, Perwaja failed to undertake an impairment assessment to complete the independent valuation report, before the submission of its financial statements.

Kinsteel closed unchanged at 12.5 sen today, with a market capitalisation of RM130.2 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.)