Bursa Malaysia Reprimands FSBM For Inaccurate Quarterly Results

KUALA LUMPUR, Nov 24 (Bernama) -- Bursa Malaysia Securities Bhd has publicly reprimanded FSBM Holdings Bhd for breaching the Main Market Listing Requirements (Main LR) after the company submitted inaccurate financial results for its third and fourth quarters of the financial year ended Dec 31, 2024.

The exchange said that, pursuant to paragraph 9.35A(1)(a) of the Main LR, a listed issuer must ensure that each public announcement is factual, clear, unambiguous, accurate, succinct, and contains sufficient information to enable securities holders and investors to make informed investment decisions.

In a statement today,  Bursa Malaysia said it has also directed FSBM to undergo a limited review of its quarterly reports by its external auditors for four consecutive quarters beginning with the fourth quarter of 2024, and to assess the adequacy of its financial reporting processes.

The exchange noted that it did not find any director to have caused or permitted the breach, but reminded the board of its duty to maintain proper oversight.

Directors at the material time included Pang Kiew Kun, Tan Wan Yen, Datuk Tan Hock San @ Tan Hock Ming, Ng Yew Soon, Mok Kar Foo, Tey Giap Turn and Chew Sir Boon.

"The finding of the breach and the imposition of the public reprimand on FSBM were made pursuant to paragraph 16.19(1) of the Main LR upon completion of due process.

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"This was after taking into consideration all facts and circumstances of the matter, including the materiality and impact of the breach, as well as the fact that FSBM had previously breached the Main LR,” Bursa Malaysia said.

The exchange added that it views the breach seriously, noting that accurate, clear, and sufficient financial disclosures are a fundamental obligation of listed companies and vital to maintaining an orderly and fair market.

--BERNAMA