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On 12 September 2008, Bursa Malaysia Securities Berhad ("Bursa Securities") publicly reprimanded Pentamaster Corporation Berhad ("the Company") for breach of paragraph 9.16(1)(a) of the Listing Requirements of Bursa Securities ("LR").
The Company is also required to carry out a limited review on its quarterly report submission. The limited review must be performed by the Company's external auditors for four quarters commencing from the quarter subsequent to the date of this announcement.
Pursuant to paragraph 9.16(1)(a) of the LR, a listed issuer must ensure that each announcement is factual, clear, unambiguous, accurate, succinct and contains sufficient information to enable investors to make informed investment decisions.
The Company had breached paragraph 9.16(1)(a) of the LR in respect of the Company's announcement dated 25 February 2008 on its fourth quarterly report for the financial year ended 31 December 2007 ("4th QR 2007") which failed to take into account the adjustments as stated in the Company's announcement dated 29 April 2008. The Company had reported an unaudited profit after taxation and minority interest of RM9.198 million in its 4thQR 2007 as compared to an audited profit after taxation and minority interest of RM3.596 million in its annual audited accounts for the financial year ended 31 December 2007. The decrease in profit after taxation and minority interest of RM5.602 million represents a variance of approximately 60.9%.
The public reprimand was imposed pursuant to paragraph 16.17 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 is as follows:-
- Chuah Choon Bin
- Tan Boon Teik
- Ooi Hun Pin
- Loh Nam Hooi
- Hj Zainal Abidin bin Abas
- Dato' Dr Zainuddin Md. Wazir
- Dato' Seri Kiew Kwong Sen
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