Bursa Malaysia Securities Berhad (Bursa Malaysia Securities) has announced yesterday that it has publicly reprimanded Sunzen Biotech Berhad (SUNZEN) and 2 of its executive directors, for breaches of the Bursa Malaysia Securities ACE Market Listing Requirements (ACE LR).
The company’s 2 executive directors Datuk Hong Choon Hau and Lim Eng Chai were also fined RM50,000 each.
SUNZEN failed to obtain prior shareholders’ approval in respect of the diversification into a new business in the trading of crude palm oil in February 2017. The company had only announced the proposed ratification of the Diversification on 9 February 2018 and obtained its shareholders’ ratification of the Diversification on 30 May 2018.
The company has breached Rule 10.13 of the ACE LR, which serves to protect the interest of shareholders and ensure shareholders are kept informed of all facts or information that might affect their interests.
Bursa Malaysia Securities has also reminded SUNZEN and its board of directors of their responsibility to maintain the appropriate standards of corporate responsibility and accountability to its shareholders and the investing public.