Bursa Malaysia Securities Publicly Reprimands Ahmad Zaki Resources Berhad

Bursa Malaysia Securities Berhad [Registration No.: 200301033577 (635998-W)] (Bursa Malaysia Securities) has publicly reprimanded Ahmad Zaki Resources Berhad (AZRB) for breach of paragraph 9.19(19)(a)(i) of the Bursa Malaysia Securities MAIN Market Listing Requirements (MAIN LR) where AZRB had failed to make an immediate announcement of: -

• 3 winding-up petitions filed by creditors against Ahmad Zaki Sdn Bhd, a wholly owned subsidiary of AZRB which were announced on 14 May 2026, 26 May 2026 and 16 June 2026; and
• the winding-up petition filed by AmBank Islamic Sdn Bhd against AZRB and AZSB Machineries Sdn Bhd, a wholly owned subsidiary of AZRB which was announced on 6 July 2026.

The findings of breach and imposition of the public reprimand on AZRB was made pursuant to paragraph 16.19(1) of the MAIN LR upon completion of due process after taking into consideration all facts and circumstances of the matter including the materiality of the breach, knowledge and conduct of the company.

Bursa Malaysia Securities views the contravention seriously as the requirement to make an immediate announcement of the winding-up petition is fundamental to enable investors make informed investment decisions concerning the listed issuer’s business and financial condition. In addition, the numerous delays in making an immediate announcement on the winding-up petitions displayed disregard of the MAIN LR and reflected poor governance of the company.

While Bursa Malaysia Securities had not found any of AZRB’s 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 in ensuring compliance of the MAIN LR. The Board of Directors of AZRB at the material time of the breach were as follows: -

(1)           Dato’ Sri Wan Zakariah Bin Haji Wan Muda

(2)           Dato’ Ir. W Zulkifli Bin Haji W Muda

(3)           Dato’ Roslan Bin Tan Sri Jaffar

(4)           Tan Sri Dato’ Lau Yin Pin @ Lau Yen Beng

(5)           Dato’ Hj. Wan Mohd Hilmi Bin Wan Kamal

(6)           Lee Chee Khoon

(7)           Dato’ Ir. Haji Che Noor Azeman Bin Yusoff (resigned on 31 May 2026)

(8)           Tan Sri Dr Madinah Binti Mohamad (resigned on 9 September 2026)

Bursa Malaysia Securities views the breach seriously and has reminded AZRB and its board of directors of their responsibility to maintain appropriate standards of corporate responsibility and accountability to its shareholders and the investing public.

BACKGROUND

AZRB had failed to make an immediate announcement of various winding-up petitions as follows: -

Table 1:

AZRB had persistently failed to make an immediate announcement of the winding-up petitions, and the announcements were only made upon Bursa Malaysia Securities detection and engagement with the company.

AZRB had explained that the company and its subsidiary were engaged in discussions and negotiations with the respective creditors with a view to achieve an amicable settlement of the matters and the management was of the view that the petitions would likely be resolved.  However, Bursa Securities had clearly clarified in paragraph 9.17 of the Questions and Answers in relation to the MAIN LR (FAQ) that pursuant to paragraph 9.19(19) of the MAIN LR, a listed issuer must make an immediate announcement of any presentation of a winding-up petition against the listed issuer or its subsidiaries irrespective of whether the listed issuer is in negotiation with the petitioner to arrive at a settlement arrangement.