Kenyataan Media
BURSA MALAYSIA SECURITIES PUBLICLY REPRIMANDS TOP BUILDERS CAPITAL BERHAD
Bursa Malaysia Securities Berhad [Registration No.: 200301033577 (635998-W)] (Bursa Malaysia Securities) has publicly reprimanded Top Builders Capital Berhad (TOPBLDS) for breaching paragraph 9.23(1) of the Bursa Malaysia Securities Main Market Listing Requirements (Main LR) where the company had failed to issue its annual report that included the annual audited financial statements together with the auditors’ and directors’ reports for the 18-month financial period ended 30 June 2021 (AR 2021) on or before 31 October 2021. The company only issued the AR 2021 on 22 November 2021, after a delay of 15 market days.
TOPBLDS was also required to review and ensure the adequacy and effectiveness of its financial reporting function.
The finding of breach and imposition of the above penalty and directive on TOPBLDS 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 and that TOPBLDS had previously breached the Main LR.
While Bursa Malaysia Securities has not found any of TOPBLDS’ directors to have caused or permitted the breach by the company, Bursa Malaysia Securities wishes to highlight and remind that it is the duty of the directors to maintain appropriate standards of responsibility and accountability to its shareholders and the investing public and ensure that such financial reporting breach will not recur. The Board of Directors of TOPBLDS at the material time were as follows:-
1. Ng Chye Poh (resigned on 7 April 2022)
2. Yong Kok Yee (resigned on 7 April 2022)
3. Shekh Jamaluddin bin Shekh Sarwandin (resigned on 30 December 2021)
4. Lok Ping Chow (resigned on 29 July 2022)
Bursa Malaysia Securities views the contravention seriously as the timely submission of financial statements is one of the fundamental obligations of listed companies and is of paramount importance in ensuring a fair and orderly market for securities traded on Bursa Malaysia Securities and necessary to aid informed investment decisions.
BACKGROUND
The delay in issuance of the AR 2021 was mainly due to the failure of the company to maintain/provide the necessary information/documents/accounting records on a timely basis to the company’s external auditors to resolve the audit issues and facilitate the completion of the audit towards issuance of the AR 2021 within the stipulated timeframe.
Further, the company had failed to ensure they had adequate finance function and/or resources to facilitate the timely preparation and issuance of the AR 2021.