PETALING JAYA: Bursa Malaysia Securities Bhd has publicly reprimanded Bertam Alliance Bhd and seven of its directors for breaches of the Bursa Malaysia Securities Main Market Listing Requirements (Main LR).
The reprimanded directors comprise: Lim Nyuk Foh, Yap Yee May, Lee Keh Ting, Datuk Mohamed Arsad Sehan, Lim Shaw Keong @ Alfred Lim, Chiew Boon Chin and Koo Jenn Man.
In addition, Yap and Nyuk Foh were imposed total fines of RM75,000.
In a statement, the market regulator said Bertam was publicly reprimanded for committing a breach of Paragraph 10.06(1) of the Main LR for failing to make an immediate announcement of land transactions and Paragraph 10.07(1) of the Main LR read together with paragraph 8.29(1) of the Main LR for failing to obtain prior shareholders’ approval in respect of one of the transactions where the percentage ratio of the transaction was 26.59%.
The transactions comprised of 26 adjoining/contiguous vacant agricultural lands in Sabah, measuring an aggregate of 34.275 acres, and were essentially an acquisition and/or option to acquire the lands by Bertam’s wholly owned subsidiaries, Sepakat Heights Sdn Bhd (SHSB) and Sunrise Avenue Sdn Bhd (SASB) respectively.
“There was no reasonable justification for the failure of Bertam and the directors to ensure compliance with paragraphs 10.06(1) and 10.07(1) of the Main LR in respect of the transactions,” it said.
It also pointed out that Nyuk Foh and Yap were the executive directors primarily involved in and responsible for/in charge of the negotiation, review and execution of the transactions.
“They had blatantly failed to discharge their duties to ensure Bertam’s compliance with paragraphs 10.06(1) and 10.07(1) of the Main LR and failed to escalate the transactions for the board’s deliberation and prior approval despite the materiality of the transactions,” it added.
Bursa said the finding of breach and imposition of the above penalties on Bertam and its 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 breaches; impact of the breaches to Bertam and shareholders/investors and the roles, responsibilities and conduct of the directors.
“Bursa Malaysia Securities views the contraventions seriously as the requirements to make timely announcement and obtain prior shareholders’ approval of material transactions are fundamental to aid informed investment decisions and protect shareholders’ interest.”
source https://www.thesundaily.my/business/bursa-malaysia-publicly-reprimands-bertam-alliance-seven-directors-CX3198136
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