Bursa reprimands China Stationery for breaching listing requirements
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Bursa reprimands China Stationery for breaching listing requirements
Bursa reprimands China Stationery for breaching listing requirements
By Gho Chee Yuan / theedgemarkets.com | May 24, 2016 : 10:47 PM MYTKUALA LUMPUR (May 24): Bursa Malaysia has publicly reprimanded China Stationery Ltd (CSL) and six directors of the company for breaches of the listing requirements.
The regulator fined the six directors, including the company's executive chairman and chief executive officer Chan Fung, a total of RM59,600.
According to the stock exchange, CSL only released its audited financial statement and annual report for the financial year ended Dec 31, 2013 (AFS FY13) on July 8 and Aug 14 in 2014 respectively, late by six days and 31 days from the due date of June 30.
Apart from that, Bursa said CSL had breached paragraph 9.16(1)(a) of the listing requirements in respect of its announcement dated Nov 14, 2015 on its unaudited quarterly report for the nine-month period ended Sept 30, 2014 (unaudited QR Sept 2014), which failed to take into account the adjustments as stated in its announcement dated Jan 15, 2015.
The regulator noted the deviation of RM35.07 million or 16.67% in loss after tax and minority interest between the unaudited and audited figures.
"CSL is also required to review and ensure the adequacy and effectiveness of its financial reporting function and 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 quarterly report for the financial period ended June 30, 2016.
"In addition, CSL must ensure all its directors and relevant personnel attend a training programme in relation to compliance with the listing rules pertaining to financial statements," it added.
Bursa Malaysia explained that the six directors were publically reprimanded for breaching the listing rules when they had permitted CSL's failure to announce or issue its financial statements on the due date.
The regulator said it views the contraventions seriously as the timely and accurate submission of financial statements is one of the fundamental obligations of listed companies and is of paramount importance in ensuring a fair and orderly market for securities traded on Bursa Securities and necessary to aid informed investment decisions.
"Bursa Malaysia Securities has reminded CSL and its board of directors on their responsibility to maintain the appropriate standards of corporate responsibility and accountability to its shareholders and the investing public," it added.
Shares in CSL closed unchanged at 9.5 sen for a market value of RM117.11 million.
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