KUALA LUMPUR: Bursa Malaysia Securities Bhd has publicly reprimanded four companies -- Haisan Resources Bhd, KBES Bhd, Ta Win Holdings Bhd and KYM Holdings Bhd --- for breaching the listing requirements.
The regulator had on Thursday directed the companies to carry out a limited review on their quarterly report submission due to sharp variations in their results.
Bursa Securities said the limited review “must be performed by the company’s external auditors for four quarters commencing from the quarter subsequent to the date of this announcement”.
It said the companies had to ensure that each announcement was “factual, clear, unambiguous, accurate, succinct and contains sufficient information to enable investors to make informed investment decisions”.
On Haisan, it said the fourth quarterly report for the financial year ended Dec 31, 2007 failed to take into account the adjustments as stated in the company’s announcement dated May 6.
Bursa Securities said Haisan reported net profit of RM556,000 in its annual audited accounts for the financial year ended Dec 31, 2007 as compared to an unaudited profit after taxation and minority interest of RM2.42mil in its 4Q report.
“The decrease in profit after taxation and minority interest of RM1.86mil represents a variance of approximately 77%,” it said.
As for KBES, Bursa Securities said the company had in its 4Q report for FY ended Dec 31, 2007 failed to take into account the adjustments as stated in the company’s announcement dated April 28.
The regulator said KBES had reported an audited net loss of RM2.98mil in its annual audited accounts for FY07 as compared to an unaudited net loss of RM1.92mil in its 4Q report.
“The increase in loss after taxation and minority interest of RM1.06mil represents a variance of approximately 55%,” it said.
As for Ta Win, Bursa Securities said the company, had in its 4Q announcement dated Feb 29, had also failed to take into account the adjustments as stated in the company’s announcement dated April 30.
The regulator noted that Ta Win reported an audited net loss of RM8.9mil in its annual audited accounts for FY07 compared to an unaudited net loss of RM6.89mil in its 4Q.
“The increase in loss after taxation and minority interest of RM2mil represents a variance of approximately 29.08%,” it said.
Commenting on KYM, Bursa Securities said the company had, in its announcement dated March 31 regarding its 4Q results ended Jan 31, failed to take into account the adjustments as stated in the announcement dated May30.
KYM reported an audited net loss RM8mil in its annual audited accounts for FY ended Jan 31, as compared to an unaudited net loss of RM4.94mil in its 4Q results. The regulator said the increase in net loss of RM3.06mil represented a variance of about 61.96%.
HAISAN : [Stock Watch] [News]
KBES : [Stock Watch] [News]
TAWIN : [Stock Watch] [News]
KYM : [Stock Watch] [News]
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