Bursa Malaysia Publicly Reprimands Top Builders Capital, Fines Eight Directors

KUALA LUMPUR, June 7 (Bernama) -- Bursa Malaysia Securities Bhd has publicly reprimanded Top Builders Capital Bhd and eight of its directors for breaches of Bursa Malaysia Securities Main Market Listing Requirements (Main LR).

In addition, the exchange said all eight directors of Top Builders were imposed total fines of RM405,750.

It said the company was publicly reprimanded for breaches of paragraphs 9.23(1) and 9.22(1) of the Main LR for failing to issue the annual report that included audited financial statements together with the auditors’ and directors’ report for the financial year ended June 30, 2022, on or before Oct 31, 2022.

“The annual report was only issued on May 29, 2023, after a delay of six months and 29 days,” it said in a statement today. 

The bourse also said that the company failed to announce the quarterly report for the financial period ended Sept 30, 2022, on or before Nov 30, 2022, the report of which was only issued on June 9, 2023, after a delay of six months and nine days.

Moreover, it said that Top Builders failed to announce the quarterly report for Dec 31, 2022, on or before Feb 28, 2023, and the company only issued the report on June 28, 2023, after a delay of three months and 28 days.

The company also failed to announce the quarterly report for March 31, 2023, on or before May 31, 2023, the report of which was only issued on July 28, 2023, after a delay of one month and 28 days.

“Notwithstanding that Top Builders had been de-listed on Sept 4, 2023, the breaches were committed while the company was listed on the Official List of Bursa Malaysia Securities,” the exchange said. 

The three directors who had breached paragraph 16.13(b) of the Main LR for permitting Top Builders to commit the breaches and were publicly reprimanded and imposed penalties were group executive chairman Datuk Loh Ming Choon (RM105,250), executive vice chairman Datuk Seri Sin Hock Min (RM105,250) and chief executive officer Woo Hai Shiang (RM72,000).

Additionally, the five independent non-executive directors slapped with fines were Ng Mei Choo (RM29,600), Datuk Mohamad Hanafiah Zakaria (RM42,100), Datuk Koh Mui Tee (RM14,000), Sin Yoke Gen (RM25,650), and Yan Sook Han (RM11,900). 

“Bursa Malaysia Securities views the contraventions seriously as the timely and accurate submission of financial statements is one of the fundamental obligations of listed companies and is of paramount importance in ensuring a fair and orderly market for securities traded on Bursa Malaysia Securities and necessary to aid informed investment decisions,” it said. 

-- BERNAMA