Bursa Malaysia Securities has publicly reprimanded Saudee Group Berhad failing to comply with the condition to make an announcement in accordance with Practice Note 28 rules imposed by the Exchange.
In this regard, the company had received confirmation from Bursa Malaysia Depository Sdn. Bhd. on 26 March 2021 that the 7,092,698 new ordinary shares were ready to be credited into the securities accounts of the respective holders (Confirmation) and the Company was required to make the announcement before 3 p.m. on 26 March 2021. However, SAUDEE had only made the PN28 Announcement on 30 March 2021, resulting in the Shares being listed only on 31 March 2021 instead of on 29 March 2021.
Saudee represented that the company needed to verify the amount and that the funds had been credited into the bank. Bursa said this was not acceptable as it must undertake the necessary verification expeditiously and strictly comply with the timeframe and procedures prescribed for the listing of the Shares which serve to safeguard investors’ interest and provide certainty on the listing of the securities.
