Bursa Malaysia Securities Bhd has issued a public reprimand against Techna-X Bhd for failing to comply with the Main Market Listing Requirements following delays in submitting its annual report and discrepancies between its unaudited and audited financial results.
In a statement, Bursa Malaysia said Techna-X failed to release its annual report for the 18-month financial period ended 31 December 2025 within the stipulated deadline of 30 April 2026.
The company subsequently issued the report on 8 May 2026, five market days after the deadline.
The regulator also identified discrepancies in Techna-X’s sixth quarterly financial report for the period ended 31 December 2025, which was announced on 27 February 2026.
According to Bursa Malaysia, the quarterly results did not incorporate several accounting adjustments that were later reflected in the company’s audited financial statements.
Techna-X initially reported an unaudited loss attributable to owners of the company of RM23.58 million. However, its audited financial statements recorded a higher loss of RM29.25 million.
The difference amounted to RM5.677 million, representing a deviation of 24.1% from the previously announced unaudited results.
Techna-X attributed the discrepancy to additional audit adjustments, including impairment losses involving other receivables, amounts owed by associated companies and intangible assets.
The adjustments also included accounting changes arising from the waiver of debts owed to directors of a subsidiary.
However, Bursa Malaysia rejected the company’s explanation, stating that the circumstances requiring these adjustments had already existed when the quarterly financial report was prepared.
“Hence, there was no reasonable change in circumstances and Techna-X could not rely on the finalisation of the audit or external auditors’ recommendations to justify its failure to take into account the adjustments,” the regulator said.
Bursa Malaysia further explained that the delay in issuing the annual report was primarily due to Techna-X’s failure to maintain or provide the necessary financial information, supporting documents and accounting records required by its external auditors to complete the audit within the prescribed timeframe.
Although the annual report was submitted only five market days late, the regulator stressed that the delay had prevented investors from accessing the company’s audited financial information for a period exceeding 18 months.
As part of its enforcement measures, Bursa Malaysia has directed Techna-X to subject its quarterly financial reports to a limited review by its external auditors for four consecutive quarters, beginning no later than the financial period ending 30 September 2026.
The company is also required to ensure that its directors and relevant employees undergo training on compliance with the Main Market Listing Requirements, particularly those relating to financial reporting obligations.
In addition, Techna-X’s board of directors must conduct a comprehensive review of the adequacy and competency of its finance and accounting personnel, as well as evaluate the effectiveness of its existing financial reporting policies, internal procedures and controls.
These measures are intended to strengthen the company’s financial reporting practices, improve regulatory compliance and minimise the risk of similar breaches in the future.
Bursa Malaysia clarified that its investigations did not establish that any of Techna-X’s directors had caused or permitted the breaches.
Nevertheless, the regulator emphasised that directors remain responsible for maintaining appropriate standards of corporate governance, accountability and oversight to ensure that their companies comply with applicable listing requirements.
“Bursa Malaysia views the breaches seriously and has reminded Techna-X and its board of their responsibilities to maintain the appropriate standards of corporate responsibility and accountability to its shareholders and the investing public and ensure that such breaches do not recur,” it said.
The enforcement action reinforces Bursa Malaysia’s commitment to maintaining transparency, accuracy and accountability in corporate financial reporting, while safeguarding the interests of shareholders and the investing public.
