Latest news with #MainMarketListingRequirements
The Star
26-05-2025
- Business
- The Star
Bursa Malaysia publicly reprimands and fines Jerasia Capital and its three directors
PETALING JAYA: Bursa Malaysia Securities Bhd has publicly reprimanded apparel manufacturer and fashion retailer Jerasia Capital Bhd and three of its directors for breach of the Bursa Malaysia Securities Main Market Listing Requirements (Main LR). In addition, the three directors were imposed with total fines of RM50,000. In a statement, Bursa Malaysia said Jerasia was publicly reprimanded for breach of paragraph 9.19(19)(a)(ii) of the Main LR for failing to make an immediate announcement of the winding-up order dated March 29, 2023 obtained by AmBank (M) Bhd. 'Jerasia only announced the winding-up order on April 12, 2023, after a delay of 10 market days and announced further information of the winding-up order as required by Bursa Malaysia Securities on April 13, 2023. 'Notwithstanding that Jerasia had been de-listed on Aug 24, 2023, the breach was committed while the company was listed on the official list of Bursa Malaysia Securities.' Bursa Malaysia said Jerasia's group managing director Pronob Kumar Sen Gupta was publicly reprimanded and fined RM25,000, while director Datuk Dr Yong Yuan Tan and director and audit committee chairman Arnold Kwan Poon Keong were publicly reprimanded and fined RM12,500 each. Bursa Malaysia said the three directors at the material time had breached paragraph 16.13(b) of the Main LR for permitting Jerasia to commit the breach. 'The finding of breach and imposition of the above penalties on Jerasia and the directors were made pursuant to paragraph 16.19 of the Main LR upon completion of due process and after taking into consideration all facts and circumstances of the matter including the materiality of the breach, impact of the breach to Jerasia and its shareholders/investors, the roles, responsibilities, knowledge, and conduct of the directors.'
BusinessToday
02-05-2025
- Business
- BusinessToday
Capital A's Auditors Flag Material Uncertainty Over Going Concern
Capital A Berhad has announced that its external auditors, Ernst & Young have issued an unqualified audit opinion on the company's audited consolidated financial statements for the financial year ended 31 December 2024. However, this opinion includes a 'material uncertainty related to going concern' paragraph. This disclosure, made pursuant to the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, highlights significant doubt regarding the Group's and the Company's ability to continue as a going concern. The material uncertainty stems from the fact that, as of the date of the audit report, key milestones related to the company's Proposed Disposals remain incomplete. These include obtaining necessary approvals from government entities, financiers/lenders, and third parties for both Capital A and AirAsia X Berhad (AAX). Additionally, AAX has yet to raise RM1.0 billion as part of these disposals. Capital A had previously announced a Proposed Regularisation Plan on 24 October 2024, involving a proposed reduction of its issued share capital of up to RM6.0 billion. This plan received approval from Bursa Securities on 7 March 2025. A circular to shareholders and notice to holders of redeemable convertible unsecured Islamic debt securities (RCUIDS) concerning the plan was issued on 15 April 2025. Extraordinary general meetings to seek shareholder and RCUIDS holder approval are scheduled for 7 May 2025. The company stated that the material uncertainty highlighted by the auditors is linked to the ongoing implementation of both the Proposed Disposals and the Proposed Regularisation Plan. Capital A anticipates that the concerns leading to the 'material uncertainty related to going concern' paragraph will be resolved upon the fulfillment of the remaining conditions precedent for the Proposed Disposals, which are expected to be completed by the second quarter of 2025, barring any unforeseen circumstances. Related
The Star
02-05-2025
- Business
- The Star
Sentoria faces trading suspension after failing to submit annual report
KUALA LUMPUR: Bursa Malaysia Securities Bhd warned that trading of Sentoria Group Bhd shares will be suspended after the company failed to submit its annual report for the financial period ended Dec 31, 2024. In a filing today, Bursa Malaysia said that if Sentoria fails to submit the outstanding annual report on or before May 8, 2025, trading in the company's securities will be suspended from May 9, 2025, until further notice. According to Bursa Malaysia, Sentoria failed to submit its annual report, including the annual audited financial statements and the auditors' and directors' reports, to Bursa Securities for public release within the stipulated timeframe (April 30, 2025). This is pursuant to Paragraph 9.23(1) of Bursa Securities' Main Market Listing Requirements (LR). "Under Paragraph 9.28(6) of the LR, if a listed issuer fails to issue the outstanding financial statements within six months from the expiry of the relevant timeframes, in addition to any enforcement action that Bursa Securities may take, de-listing procedures shall be commenced against such listed issuer,' it said. At 12.30 pm, the company's share price was flat at one sen with no shares changing hands. - Bernama
New Straits Times
01-05-2025
- Business
- New Straits Times
AmanahRaya REIT embarks on transformation for long-term growth
KUALA LUMPUR: AmanahRaya Real Estate Investment Trust (ARREIT) is undergoing a comprehensive strategic transformation process to strengthen the foundation for the company's long-term and sustainable growth. In a statement, the company said this reflects its continuous emphasis on strong financial governance, precision in reporting, and alignment with regulatory best practices. It added that over the past year, AmanahRaya-Kenedix REIT Manager Sdn Bhd (AKRM), the manager of ARREIT, has embarked on a strategic transformation journey aimed at building a stronger foundation for sustainable growth. This transformation is guided by five key initiatives focused on enhancing governance, sustainable business growth, people, systems and financial management. ARREIT said while these efforts are already beginning to reshape the organisation positively, the interim transition phase has had an impact on its financial performance for 2024 (FY24) — a necessary step in delivering long-term value to stakeholders. AKRM managing director Mohd Iskandar Dzulkarnain said the company remains focused on enhancing asset performance and driving operational productivity across our portfolio. "Our commitment is to continuously improve value creation for our unitholders through proactive asset management, sustainable initiatives, and operational excellence," he noted. He added that ARREIT remains financially resilient, supported by a diversified portfolio, proactive tenant engagement, and ongoing asset enhancement initiatives aimed at ensuring sustainable returns for its stakeholders. In pursuance of paragraph 9.19(35) of the Main Market Listing Requirements of Bursa Malaysia, the board of directors of AKRM has issued this clarification following a variance of more than 10 per cent between the unaudited and audited profit after tax figures. The deviation arose as part of the audit finalisation process. For the financial year ended Dec 31, 2024, ARREIT reported a profit after tax of RM1.80 million in the audited financial statements, compared to RM4.98 million in the unaudited results announced on Feb 28, 2025. The variance of RM3.18 million arose from technical adjustments identified and applied during the audit finalisation, in keeping with Malaysian Financial Reporting Standards.
New Straits Times
30-04-2025
- Business
- New Straits Times
Farid Alias leaves CelcomDigi for top role at Bursa Malaysia
KUALA LUMPUR: Tan Sri Abdul Farid Alias has stepped down from his board positions at CelcomDigi Bhd, including as an independent director, effective today. This follows his appointment as non-executive chairman of Bursa Malaysia Bhd, which takes effect on May 1, the company said in a bourse filing. CelcomDigi said Farid left on good terms, with no issues raised with the board or shareholders. The former Malayan Banking Bhd president and chief executive officer joined the CelcomDigi board as an independent director in June 2023. His two other board roles were chairman of the audit committee and member of the nomination and remuneration committee. In a separate filing, CelcomDigi said Khatijah Begom Shah Mohamed and Vimala VR Menon, both independent non-executive directors, remain as members of the audit committee. "The board is currently taking steps to fill the vacancy to comply with the Main Market Listing Requirements," the company said. For the nomination and remuneration committee, the composition now includes Datuk Iain John Lo as chair and Vimala as member. On March 27, Bursa Malaysia announced Farid's appointment as its new chairman, effective May 1. Farid, 57, has served on Bursa Malaysia's board since July 2022. He will succeed Tan Sri Abdul Wahid Omar, who retires today after completing his five-year tenure. A seasoned chartered banker, Farid brings 30 years of experience in banking and financial services, specialising in investment banking, commercial banking, and capital markets. He has held various roles at institutions such as Maybank Investment Bank Bhd, Schroders Malaysia (L) Ltd, Malaysian International Merchant Bankers Bhd, and JP Morgan in Malaysia and Singapore.
