Bursa Malaysia Securities Berhad has publicly reprimanded Dataprep Holdings Bhd and 5 of its directors for breaching the Main Market Listing Requirements, in addition, the directors were also imposed fines of RM500,000.
The company was reprimanded in response to the unusual market activity query on 1 March 2021 where the response made by the company was ‘that it was not aware’, however in actual fact it was in a discussion on the proposed acquisitions of certain companies to undertake contracts to provide an integrated solution technology for Covid-19 screening to the Ministry of Health.
Approximately 2 weeks after the UMA Response, DATAPRP announced a memorandum of collaboration to undertake the Proposed Covid-19 Screening Contracts on 12 March 2021 and the Proposed Acquisitions on 15 March 2021. Bursa said all 5 directors of DATAPRP at the material time had breached Bursa guidelines for permitting the company to commit the breach.
The UMA was raised after its share price had increased significantly by RM1.18 or 454% from RM0.26 on 15 February 2021 to RM1.44 on 1 March 2021.