Bursa Malaysia Securities Publicly Reprimands Eonmetall Group Berhad For Breach Of Main Market Listing Requirements

Bursa Malaysia Securities Berhad (Bursa Malaysia Securities) has publicly reprimanded Eonmetall Group Berhad (“EMETALL” or “the Company”) for breaching paragraph 9.16(1)(a) of the Bursa Malaysia Securities Main Market Listing Requirements (Main LR) in respect of the Company’s announcement dated 29 February 2012 on the unaudited fourth quarterly report for financial year ended (FYE) 31 December 2011 (QR4/2011) which failed to take into account the adjustments in the Company’s announcement dated 30 April 2012.  

The failure to take into account the adjustments was in contravention of paragraph 9.16(1)(a) of the Main LR where 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.  

EMETALL is also required to carry out a limited review of its quarterly report submissions.  The limited review must be performed by external auditors for four quarterly reports commencing no later from the quarterly report for the financial period ended 31 March 2014. In addition, EMETALL must ensure all its directors and relevant personnel attend a training programme on compliance with the Main LR pertaining to financial statements.  EMETALL is also required to review and ensure the adequacy and effectiveness of its financial reporting function.

While Bursa Malaysia Securities has not found any of EMETALL’s directors to have caused or permitted the breach by the Company, Bursa Malaysia 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 of EMETALL at the material time of default were as follows:

i)    Tan Sri Dato’ Mohd Desa bin Pachi
ii)    Yeoh Cheng Chye
iii)    Dato’ Goh Cheng Huat
iv)    Dato’ Wahab Bin Hamid
v)    Tan Sri Dato’ Soong Siew Hoong
vi)    Goh Kee Seng
vii)    Tang Yin Kham
viii)    Ibrahim Mahdi Phee

Bursa Securities views the contravention seriously and has reminded EMETALL and its Board of Directors of their obligation to uphold appropriate standards of responsibility and accountability to shareholders and the investing public.