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Breach of paragraph 9.16(1)(a) of the Listing Requirements of Bursa Malaysia Securities Berhad (“LR”)
The Company had reported an unaudited profit after taxation and minority interest of RM15,422,000 in its QR 4/2008 (“Unaudited Results”) as compared to an audited profit after taxation and minority interest of RM21,498,748 (“Audited Results”) in its annual audited accounts for the financial year ended 31 December 2008. The difference of RM6,076,748 between the Unaudited Results and the Audited Results for the financial year ended 31 December 2008 represents a deviation of approximately 39.4% (“Deviation”).
The Deviation is mainly due to the Company’s omission to credit the deferred tax liabilities arising from the revaluation of land into the income statement.
The public reprimand was imposed pursuant to paragraph 16.17(1) of the LR after taking into consideration all facts and circumstances of the matter and upon completion of due process.
Bursa Securities views the contravention seriously and 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. In this respect, the Company and its directors are required to take all reasonable steps including putting in place or enhancing the Company's procedures and processes and review the effective implementation of the same to ensure compliance with the LR at all times.
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 LR. The Board of Directors of the Company at the material time are as follows:-