媒体新闻稿
BURSA MALAYSIA PUBLICLY REPRIMANDS HYTEX INTEGRATED BERHAD FOR FAILING TO IMMEDIATELY ANNOUNCE DEFAULTS IN PAYMENT OF CREDIT FACILITIES
Bursa Malaysia Securities Berhad (Bursa Securities) has publicly reprimanded Hytex Integrated Berhad (HYTEXIN) for failing to make an immediate announcement on the various defaults in payment of credit facilities by HYTEXIN and its major subsidiaries as set out in the company’s announcement dated 16 August 2011.
The failure to make an immediate announcement on the defaults in payment breached paragraphs 9.03(1) and 9.04(l) of the Bursa Securities Main Market Listing Requirements (Main Market LR) read together with paragraphs 2.1(d) and (e) of Practice Note 1 (PN1), where a listed issuer must make an immediate announcement on the following:-
- default in payments of either interest, principal sums or both in respect of a credit facility, where the total amount outstanding of the defaulted credit facility is five percent or more of the net assets of the listed issuer, based on the latest published or announced financial statements;
- default in payments of either interest or principal sums or both in respect of a credit facility, which is reasonably expected to have a material effect on the price, value or market activity of any of the listed issuer’s securities, or the shareholders’ or investors’ investment decision.
The public reprimand was imposed pursuant to paragraph 16.19(1) of the Main Market LR after taking into consideration all facts and circumstances of the matter including the fact that HYTEXIN had previously breached the listing requirements and upon completion of due process.
Whilst Bursa Securities has not made a finding that any of the directors of HYTEXIN caused or permitted the breach, Bursa Securities nevertheless wishes to highlight that it is the responsibility of directors of listed companies to ensure the compliance with the Main Market LR. The Board of Directors of HYTEXIN at the material time is as follows:-
- Sau Kim Hing @ Soo Kim Sin
- Saw Kam Fock @ Saw Kim Hock
- Saw Guat Choo
- Lam Kee Soon
- Lee Seng Wai
- Lee Teck Hui
- Loh Peng Siang
Bursa Securities views the contravention seriously and reminds HYTEXIN and its Board of Directors of their obligation to uphold appropriate standards of responsibility and accountability to its shareholders and the investing public.
BACKGROUND
HYTEXIN and its subsidiaries had defaulted in various credit facilities in June to July 2011. However, HYTEXIN only announced the defaults in payment on 16 August 2011.
HYTEXIN’s representation that the lenders did not specifically call on a default does not absolve the Company’s obligation to make an immediate announcement, irrespective of whether a demand has been made in accordance with PN1. Further, there were in fact legal notices of demand and/or recall from certain lenders in June to July 2011, but the Company only made the announcement on 16 August 2011.