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Bursa Malaysia Securities Berhad (Bursa Malaysia Securities) has publicly reprimanded Hytex Integrated Berhad (HYTEXIN) for failing to ensure that the company’s announcement dated 31 May 2013 on the fourth quarterly report for the financial year ended (FYE) 31 March 2013 (4th QR 2013) took into account the adjustments as stated in the announcement dated 31 July 2013.
The failure to take into account the adjustment was in contravention of Paragraph 9.16(1)(a) of the Bursa Malaysia Securities Main Market Listing Requirements (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.
HYTEXIN 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, HYTEXIN must ensure all its directors and relevant personnel attend a training programme on compliance with the Main LR pertaining to financial statements. HYTEXIN 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 HYTEXIN’s directors to have caused or permitted the breach by HYTEXIN, 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 at the material time were as follows:
- Sau Kim Hing @ Soo Kim Sin
- Saw Kam Fock @ Saw Kim Hock
- Saw Guat Choo
- Lee Seu Man
- Cheong Huat Seng
- Chiew Wei Meng
- Hoo Kok How
- Tey Por Yoong
Bursa Malaysia Securities views the contravention seriously and has reminded HYTEXIN and its Board of Directors of their obligation to uphold appropriate standards of responsibility and accountability to shareholders and the investing public.
