Bursa Fines Langkawi Mp Rm25k Over Delayed Corporate Announcement

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Bursa Malaysia today reprimanded and fined Bersatu’s Langkawi MP Mohd Suhaimi Abdullah and the company he previously worked at - Silver Ridge Holdings Bhd - over corporate non-compliance.
This is over a letter of award (LOA) Silver Ridge received from Telekom Malaysia on May 4, 2021, but failed to disclose immediately, thereby breaching the Bursa Malaysia ACE Market Listing Requirements.
The LOA for a contract worth RM20.6 million was only announced by the company on Oct 4.
"Bursa Malaysia views the contraventions seriously as it is essential that listed corporations strictly comply with the disclosure obligations, in particular the requirement to make an immediate announcement of material information, which served to ensure investors and the public were kept fully informed by the listed corporation of all facts or information that might affect their interests and are fundamental to enable investors to make informed investment decisions," the local bourse said in a statement today. 
For this, Bursa Malaysia said, it was reprimanding Suhaimi (above) - who was Silver Ridge's founder and the group managing director at the time of the offence - and three other directors, and fining them RM25,000 each.
It said the four had been informed of the LOA in May and had the primary responsibility to ensure the group's compliance with the listing requirements.
Suhaimi resigned from Silver Ridge on Jan 4 this year, citing personal reasons.
As the Bursa fine is not the outcome of a criminal trial, Suhaimi's position as Langkawi MP will not be affected. - Mkini

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