媒体新闻稿
PUBLIC REPRIMAND ON FLONIC HI-TEC BHD
14 Dec 2009
Breach of Rule 9.16(1)(a) of the Listing Requirements of Bursa Malaysia Securities Berhad for the MESDAQ Market (“MMLR”)
- Bursa Malaysia Securities Berhad (“Bursa Securities”) hereby publicly reprimands Flonic Hi- Tec Bhd ("the Company") for breach of Rule 9.16(1)(a) of the MMLR.
The Company is also required to:
- carry out a limited review on its quarterly report submissions. The limited review must be performed by the Company’s external auditors for four quarterly reports commencing no later from the Company’s quarterly report for the financial period ended 31 January 2010; and
- ensure all its directors and the relevant personnel of the Company attend a training programme in relation to compliance with the MMLR particularly pertaining to financial statements.
- Pursuant to Rule 9.16(1)(a) of the MMLR, a listed issuer must ensure that each announcement is factual, clear, unambiguous, accurate, succinct and contains sufficient information to enable investors to make informed investment decisions.
- The Company had breached Rule 9.16(1)(a) of the MMLR in respect of the Company’s announcement dated 30 March 2009 on its fourth quarterly report for the financial period ended 31 January 2009 (“ 4th QR 2009”) which failed to take into account the adjustments as stated in the Company’s announcement dated 29 May 2009. The Company had reported an unaudited loss after taxation and minority interest of RM3,616,390 in its 4th QR 2009 (“Unaudited Results”) as compared to an audited loss after taxation and minority interest of RM6,085,900 (“Audited Results”) in its annual audited accounts for the financial year ended 31 January 2009. The difference of RM2,469,510 between the Unaudited Results and the Audited Results for the financial year ended 31 January 2009 represents a deviation of approximately 68.3%.
- The public reprimand was imposed pursuant to Rule 16.17(1) of the MMLR after taking into consideration all facts and circumstances of the matter and upon completion of due process.
- Bursa Securities views the above contravention seriously and hereby reminds the Company and its Board of Directors on their responsibility to maintain appropriate standards of corporate responsibility and accountability in order to achieve greater disclosure and transparency to the shareholders and the investing public.
- Whilst Bursa Securities has not made a finding that any of the directors of the Company caused or permitted the aforesaid breach by the Company, Bursa Securities nevertheless wishes to highlight that it is the responsibility of directors of listed companies to maintain appropriate standards of responsibility and accountability within the Company and amongst its officers and employees including, amongst others, an awareness of the importance of compliance with the MMLR. The Board of Directors of the Company at the material time is as follows:-
- Yen Yoon Fah
- Looa Hong Hooi
- Heng Hock Meng
- Chin Soon Nyen
- Tong Siew Choo