Bursa Reprimands PIE , Fines Directors Over Disclosure Breaches

KUALA LUMPUR, Aug 18 (Bernama) -- Bursa Malaysia Securities Bhd (Bursa Malaysia) has publicly reprimanded P.I.E. Industrial Bhd (PIE) and two of its directors for breaching Main Market listing requirements (Main LR).

The exchange said PIE failed to make an immediate announcement after its wholly owned unit, Pan-International Electronics (Malaysia) Sdn Bhd (PIESB), secured an overseas customer specialising in servers and switches on March 31, 2024.

“The largest plant of PIESB will be allocated entirely for the manufacturer, with pilot production scheduled by end-2024 and mass production in 2025.

“The expected revenue for the financial years ending Dec 31, 2025, and Dec 31, 2026, was RM2.5 billion,” the exchange said in a statement.

PIE only announced the award on April 19, 2024, and disclosed the expected revenue on April 23, 2024.

Bursa Malaysia noted that PIE’s managing director had disclosed material information to Kenanga Investment Bank Bhd on April 17, 2024, and to The Edge Malaysia on April 18, 2024, ahead of the official announcements to the exchange.

It added that two PIE directors at the material time permitted the company to commit the breaches.

It stated that managing director Mui Chung Meng was publicly reprimanded and fined RM100,000, while executive director Lan Kuo-Yi was also publicly reprimanded and fined RM50,000.

“Bursa Malaysia has reminded PIE and its board of directors of their responsibility to maintain the appropriate standards of corporate responsibility and accountability to its shareholders and the investing public,” it added.

-- BERNAMA