媒体新闻稿
BURSA MALAYSIA PUBLICLY REPRIMANDS EDEN INC. BERHAD FOR BREACH OF MAIN MARKET LISTING REQUIREMENTS
Bursa Malaysia Securities Berhad (Bursa Securities) has publicly reprimanded EDEN INC. Berhad (EDEN) for breaching paragraph 9.16(1)(a) of the Main Market Listing Requirements (Main LR) in respect of the company’s announcement dated 28 February 2011 on the fourth quarterly report for the financial year ended (FYE) 31 December 2010 (4th QR 2010).
Paragraph 9.16(1)(a) of the Main LR states that a listed issuer must ensure that each announcement made is factual, clear, unambiguous, accurate, succinct and contains sufficient information to enable investors to make informed investment decisions.
The public reprimand was imposed pursuant to paragraph 16.19(1) of the Main LR after taking into consideration all facts and circumstances of the matter and upon completion of due process.
EDEN is also required to carry out a limited review of its quarterly report submissions. The limited review must be performed by the external auditors for four quarterly reports commencing from the quarterly report for the financial period ended 31 December 2012. In addition, EDEN must ensure all its directors and the relevant personnel attend a training programme on compliance with the Main LR pertaining to financial statements and assess the competency, adequacy and effectiveness of its financial reporting function.
While Bursa Securities has not found any of EDEN’s directors to have caused or permitted the breach by the company, Bursa Securities wishes to highlight that it is the duty of the directors to maintain appropriate standards of responsibility and accountability in ensuring compliance of the Main LR. The Board of Directors at the material time was as follows:-
- Tan Sri Abd Rahim Mohamad
- Dato’ Mohamed Salleh Bajuri
- Fakhri Yassin Mahiaddin
- Puan Sri Fadzilah Md Ariff
- Tan Sri Sabbaruddin Chik
- Tuan Haji Md Fauzi Said
- Dato’ Ghazali Mat Ariff
Bursa Securities views the contravention seriously and has reminded EDEN and its Board of Directors of their obligation to uphold appropriate standards of responsibility and accountability to shareholders and the investing public.
BACKGROUND
EDEN had reported an unaudited loss after taxation and minority interest of RM1.707 million in its 4th QR 2010 which was announced on 28 February 2011. However, EDEN had reported an audited loss after taxation and minority interest of RM4.260 million in the company’s annual audited accounts for the FYE 31 December 2010 which was announced on 29 April 2011.
The difference between the loss after taxation and minority interest in the company’s unaudited results and audited results represented a deviation of RM2.553 million or 150%.
The deviation was essentially due to EDEN’s error in the allocation of the minority interest share of losses exceeding the minority interest’s cost of investment.