Bursa Malaysia Securities has publicly reprimanded Ahmad Zaki Resources Bhd (AZRB) for failing to immediately disclose four winding-up petitions involving the construction group and its wholly-owned subsidiaries.
The stock exchange said AZRB delayed between 10 and 50 days in announcing the petitions.
Three petitions were filed against Ahmad Zaki Sdn Bhd by Qimako Engineering & Construction Sdn Bhd, BBR Construction Systems (M) Sdn Bhd and Pathfinder M&E Sdn Bhd.
The respective claims amounted to RM1.18 million, RM5.01 million and RM2.66 million.
A fourth petition was filed by AmBank Islamic Sdn Bhd against AZRB and its wholly-owned subsidiary, AZSB Machineries Sdn Bhd, involving RM558,844.
According to Bursa the longest delay involved Pathfinder M&E’s petition, which was received on April 1 but announced only on June 16, representing a delay of approximately 50 days.
AZRB had explained that it and its subsidiaries were engaged in discussions with creditors to reach amicable settlements, with management believing the petitions would likely be resolved.
However, Bursa stressed that listed companies must immediately announce winding-up petitions regardless of whether negotiations with creditors are ongoing.
It said AZRB’s announcements were made only after the exchange detected the matters and engaged with the company.
Bursa Malaysia Securities described the repeated disclosure delays as serious, noting that timely information about winding-up petitions is essential for investors to assess a listed company’s business and financial condition.
The exchange said it had not found any AZRB directors to have caused or permitted the breaches, but reminded the board of its responsibility to ensure compliance with listing requirements and maintain appropriate standards of corporate governance.
