Bursa Malaysia has publicly reprimanded Top Builders Capital Berhad for breaching Listing Requirements where the company had failed to issue its annual report that included the annual audited financial statements together with the auditors’ and directors’ reports for the 18-month financial period ended 30 June 2021 on or before 31 October 2021. The company only issued the AR 2021 on 22 November 2021, after a delay of 15 market days.
Top Builders was also required to review and ensure the adequacy and effectiveness of its financial reporting function. While Bursa Malaysia Securities has not found any of the directors to have caused or permitted the breach by the company, the Exchange highlighted and reminded that it is the duty of the directors to maintain appropriate standards of responsibility and accountability to its shareholders and the investing public and ensure that such financial reporting breach will not recur.
- Bursa said it views the contravention seriously as the timely submission of financial statements is one of the fundamental obligations of listed companies and is of paramount importance in ensuring a fair and orderly market for securities traded on the Exchange and necessary to aid informed investment decisions.
