10 hours ago
Bursa Malaysia reprimands PIE Industrial and 2 directors
PETALING JAYA: Bursa Malaysia Securities Bhd has publicly reprimanded P.I.E. Industrial Bhd (PIE) and two of its directors for breach of the Bursa Malaysia Securities Main Market Listing Requirements.
The two directors were imposed total fines amounting to RM150,000, it said.
According to Bursa Malaysia Securities, PIE had failed to make an immediate announcement when the company's unit had secured an overseas customer / manufacturer which specialises in servers and switches Mar 31, 2024.
"PIE had only made the announcement that the company had secured the manufacturer on Apr 19, 2024 and announced the expected revenue on April 23, 2024," it said in a statement.
The market regulator said there was also a breach in Paragraphs 9.08(2) & (5) of the listing requirements.
PIE's managing director Mui Chung Meng had a total public reprimand and fine of RM100,000 while its executive director Lan, Kuo-Yi amounting to RM50,000.
It said the finding of breach and imposition of the above penalties on PIE and the directors were made upon completion of due process and after taking into consideration all facts and circumstances of the matter including the materiality of the breaches, impact of the breaches to PIE and shareholders/investors and the roles, responsibilities, knowledge, involvement and conduct / action / inaction of the directors.
"Bursa Malaysia Securities views the contraventions seriously as timely disclosure of material information that might affect investors' interests is key to a transparent, orderly and fair market.
'Further, the obligation to ensure no selective disclosure is of paramount importance to ensure fairness and equal access to material information regarding the business and affairs of listed companies towards maintaining investor confidence and market integrity," it added.
