PUBLIC REPRIMAND ON BANENG HOLDINGS BERHAD
| BANENG HOLDINGS BHD |
LISTING'S CIRCULAR NO. L/Q : 56921 OF 2010
Bursa Malaysia Securities Berhad ("Bursa Securities") hereby publicly reprimands Baneng Holdings Berhad ("the Company") for breaches of paragraphs 9.03(1) and 9.04(l) of the LR and paragraphs 2.1(d) and (e) of PN1.
(i) default in payments of either interest or principal sums or both in respect of a credit facility, where the credit facility is 5% or more of the net assets of the listed issuer; and
- (ii) default in payments of either interest or principal sums or both in respect of a credit facility, which is reasonably expected to have a material effect on the price, value or market activity of any of the listed issuer’s securities or the decision of a holder of securities of the listed issuer or an investor in determining his choice of action.
The Company had breached paragraphs 9.03(1) and 9.04(l) of the LR read together with paragraph 2.1(d) and (e) of PN1 for failing to make an immediate announcement of the defaults in payments by the Company’s subsidiaries, Maxlin Garments Sdn Bhd, Seri Azhimu Jaya Garments & Textiles (B) Sdn Bhd and its associate company, Baneng Industries Sdn Bhd.
The public reprimand was imposed pursuant to paragraph 16.17(1) of the LR after taking into consideration all facts and circumstances of the matter and upon completion of due process.
Bursa Securities views the above contravention seriously and hereby cautions the Company and its Board of Directors on their responsibility to maintain appropriate standards of corporate responsibility and accountability in order to achieve greater disclosure and transparency to the shareholders and the investing public.
Whilst Bursa Securities has not made a finding that any of the directors of the Company caused or permitted the aforesaid breach by the Company, Bursa Securities nevertheless wishes to highlight that it is the responsibility of directors of listed companies to maintain appropriate standards of responsibility and accountability within the Company and amongst its officers and employees including, amongst others, an awareness of the importance of compliance with the LR. The Board of Directors of the Company at the material time are as follows:-
- Y.Bhg.Tan Sri Dr A. Rahim bin Tamby Chik (Resigned on 10 June 2009)
- Lim Choon Hiok
- Lim Kwee Seng
- Lim Meng Hong
- Lim Meng Seng
- Lim Choon Hai (Resigned on 18 November 2008)
- Y.A.M Tengku Sulaiman Shah Al-Haj Ibni Almarhum Sultan Salahuddin Abdul Aziz Shah Al-Haj
- Choong Hon Chow
- Dr Ng Soon Lim (Vacation of office from 21 January 2009)
- Chai Koh Wah (Resigned on 31 December 2008)
Announcement Info
| Company Name | BANENG HOLDINGS BHD |
| Stock Name | BANENG |
| Date Announced | 3 May 2010 |
| Category | Listing Circular |
| Reference No | UM-100503-56828 |