Bursa Malaysia Reprimands, Fines KAF IB For ACE Market Listing Breaches

KUALA LUMPUR, March 17 (Bernama) -- Bursa Malaysia Securities Bhd has publicly reprimanded and fined KAF Investment Bank Bhd (KAF IB) RM300,000 for breaching the Bursa Malaysia Securities ACE Market listing requirements (ACE LR).

In a statement today, the bourse said KAF IB, in its capacity as sponsor for an applicant seeking admission to the ACE Market, had failed to comply with several provisions under the ACE LR.

"KAF IB had breached Rule 3.02(4) and Rules 4.07(1) & (2) of ACE LR for failing to make all reasonable due diligence enquiries and consider all relevant matters vis-à-vis the non-compliances of the certificate of completion and compliance (CCC) of two core manufacturing facilities owned by the applicant in assessing suitability of the applicant’s admission to the ACE Market," it said

Bursa Malaysia said KAF IB also breached Rule 2.18(1) for failing to ensure the pre-admission consultation pack and draft prospectus submitted in relation to the proposed listing were accurate, free from material omissions and not false or misleading in view of the non-compliances.

It said this included the failure to disclose the non-compliances, as well as the fact that the applicant was in the process of obtaining a new or revised CCC for its two core manufacturing facilities.

KAF IB is required to table the decision to its board and undertake a review of its internal policies, processes and procedures relating to its role as an adviser and sponsor.

Bursa Malaysia Securities said the action was taken pursuant to paragraph 16.19 of the ACE LR after considering all relevant facts and circumstances.

-- BERNAMA