KUALA LUMPUR: Bursa Malaysia Securities Bhd has publicly reprimanded Top Builders Capital Bhd and eight of its directors for breaches of its Main Market listing requirements.
In a statement today, the regulator said the eight directors were imposed total fines of RM405,750.
It added that the public reprimand was due to the company's violations of listing requirements of paragraphs 9.23(1) and 9.22(1).
Top Builders failed to issue its annual report, which includes audited financial statements and directors' reports for the financial year ended June 30, 2022, by the deadline of Oct 31, 2022.
The company also failed to announce its quarterly reports for various financial periods within the stipulated timeframes.
According to Bursa, these breaches occurred while Top Builders was still listed on its official list, following its subsequent de-listing on Sept 4, 2023.
"The finding of breach and imposition of the above penalties on Top Builders and the directors were made upon completion of due process and after taking into consideration all facts and circumstances of the matter including the materiality of the breaches and the roles, responsibilities, knowledge and conduct of the directors.
"Bursa Malaysia views the contraventions seriously as the timely and accurate 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 Bursa Malaysia and necessary to aid informed investment decisions," it noted.