CEO Morning Brief

Bursa Reprimands Silver Ridge, Fines Langkawi MP, Two Children

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Publish date: Wed, 26 Apr 2023, 09:01 AM
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TheEdge CEO Morning Brief
Bursa reprimands Silver Ridge, fines Langkawi MP, two children

KUALA LUMPUR (April 25): Bursa Malaysia Securities Bhd has publicly reprimanded Silver Ridge Holdings Bhd and four of its directors for breaching the ACE Market Listing Requirements.

In addition, the directors were imposed fines totalling RM100,000, the exchange said in a statement on Tuesday (April 25).

The company was publicly reprimanded for failing to make an immediate announcement when the company received a letter of award/contract dated May 4, 2021 for a RM20.64 million contract, with a tenure of 36 months from May 4, 2021 to May 3, 2024.

“Silver Ridge only announced the contract on Oct 4, 2021, a delay of five months. Four executive directors of Silver Ridge at the material time breached Rule 16.13(b) of the ACE Market Listing Requirements for permitting the company to commit the breach,” Bursa said.

The four directors are former group managing director and Langkawi Member of Parliament Datuk Mohd Suhaimi Abdullah, who resigned on Jan 4, 2023, deputy managing director Syakur Mohd Suhaimi, executive director and chief executive officer Satila Mohd Suhaimi, and executive director Wong Chee Keong, who resigned on July 5, 2022.

“Bursa Malaysia Securities views the contraventions seriously, as it is essential that listed corporations strictly comply with the disclosure obligations.

“In particular, the requirement to make an immediate announcement of material information serves to ensure investors and the public are kept fully informed by the listed corporation of all facts or information that might affect their interests, and is fundamental to enable investors to make informed investment decisions,” the exchange said.

According to Bursa’s Issuers Communication No. 3/2017 Guidance on Disclosure relating to Material Contracts and Prevention of Selective Disclosure of Material Information, a listed issuer should announce the award of a material contract immediately upon receipt of the award of the material contract, including if the contract is deemed material with the value of the contract being 10% or more of the listed issuer’s latest annual published consolidated revenue.

Silver Ridge closed 3.33% or one sen higher at 31 sen a share on Tuesday, valuing the company at RM63.05 million.

Source: TheEdge - 26 Apr 2023

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