BURSA MALAYSIA PUBLICLY REPRIMANDS REACH ENERGY, FINES SIX DIRECTORS

KUALA LUMPUR, April 25 (Bernama) -- Bursa Malaysia Securities Bhd has publicly reprimanded Reach Energy Bhd and seven of its directors for breaching the Bursa Malaysia Securities Main Market Listing Requirements.  

In addition, six directors were imposed a fine of RM50,000 each, it said in a statement today.

The exchange said Reach Energy was publicly reprimanded for failing to make the first announcement pursuant to Practice Note 17 (PN17) on an immediate basis upon announcement of the company’s fourth quarterly report for the financial period ended Dec 21, 2022 on Feb 28, 2023.

The company only made the first announcement on April 3, 2023 -- after a delay of approximately one month, it added.

"Bursa Malaysia Securities views the breach seriously as the first announcement was crucial to shareholders and investors as it is related to Reach Energy’s financial condition and the consequences of being classified as a financially distressed company pursuant to PN17 vis-à-vis possible suspension and delisting if the company fails to regularise its financial condition within the timeframe prescribed.

"Hence, timely disclosure of information pertaining to classification/triggering of PN17 is important towards facilitating informed investment decisions," it said.

Additionally, the exchange also reminded Reach Energy and its board of their responsibilities to maintain the appropriate standards of corporate responsibility and accountability to its shareholders and the investing public.

-- BERNAMA