Latest news with #ReachEnergyBhd
New Straits Times
27-04-2025
- Business
- New Straits Times
Bursa Malaysia publicly reprimands Reach Energy, fines six directors
KUALA LUMPUR: Bursa Malaysia Securities Bhd has publicly reprimanded Reach Energy Bhd and seven of its directors for breaching the Bursa Malaysia Securities Main Market Listing Requirements. In addition, six directors were imposed a fine of RM50,000 each, it said in a statement today. The exchange said Reach Energy was publicly reprimanded for failing to make the first announcement pursuant to Practice Note 17 (PN17) on an immediate basis upon announcement of the company's fourth quarterly report for the financial period ended Dec 21, 2022 on Feb 28, 2023. The company only made the first announcement on April 3, 2023 -- after a delay of approximately one month, it added. "Bursa Malaysia Securities views the breach seriously as the first announcement was crucial to shareholders and investors as it is related to Reach Energy's financial condition and the consequences of being classified as a financially distressed company pursuant to PN17 vis-à-vis possible suspension and delisting if the company fails to regularise its financial condition within the timeframe prescribed. "Hence, timely disclosure of information pertaining to classification/triggering of PN17 is important towards facilitating informed investment decisions," it said. Additionally, the exchange also reminded Reach Energy and its board of their responsibilities to maintain the appropriate standards of corporate responsibility and accountability to its shareholders and the investing public.
The Star
25-04-2025
- Business
- The Star
Bursa Malaysia publicly reprimands Reach Energy, fines six directors
KUALA LUMPUR: Bursa Malaysia Securities Bhd has publicly reprimanded Reach Energy Bhd and seven of its directors for breaching the Bursa Malaysia Securities Main Market Listing Requirements. In addition, six directors were imposed a fine of RM50,000 each, it said in a statement today. The exchange said Reach Energy was publicly reprimanded for failing to make the first announcement pursuant to Practice Note 17 (PN17) on an immediate basis upon announcement of the company's fourth quarterly report for the financial period ended Dec 21, 2022 on Feb 28, 2023. The company only made the first announcement on April 3, 2023 -- after a delay of approximately one month, it added. "Bursa Malaysia Securities views the breach seriously as the first announcement was crucial to shareholders and investors as it is related to Reach Energy's financial condition and the consequences of being classified as a financially distressed company pursuant to PN17 vis-à-vis possible suspension and delisting if the company fails to regularise its financial condition within the timeframe prescribed. "Hence, timely disclosure of information pertaining to classification/triggering of PN17 is important towards facilitating informed investment decisions," it said. Additionally, the exchange also reminded Reach Energy and its board of their responsibilities to maintain the appropriate standards of corporate responsibility and accountability to its shareholders and the investing public. - Bernama
New Straits Times
24-04-2025
- Business
- New Straits Times
Reach Energy to be delisted from Bursa Malaysia on April 29
KUALA LUMPUR: Reach Energy Bhd will be delisted from the official list of Bursa Malaysia Securities Bhd (Bursa Securities) on April 29, 2025 following the company's decision not to appeal the delisting. Bursa Securities said in a statement that it noted the company's announcement dated April 24, 2025, confirming its decision not to submit an appeal. "The securities of the company will be removed from the official List of Bursa Securities upon expiry of two market days from today, i.e. on April 29," it said. Reach Energy's securities currently deposited with Bursa Malaysia Depository Sdn Bhd will be withdrawn by the company following the delisting. However, Reach Energy will continue to update and maintain shareholders' records in its register. Upon delisting, the company will continue to operate as an unlisted entity. It remains able to carry on its business, pursue corporate restructuring and potentially reward shareholders based on performance. "However, shareholders will be holding shares which are no longer quoted and traded on Bursa Securities," it said, adding that the interests and rights of shareholders remain safeguarded under the Companies Act 2016.
