KUALA LUMPUR, Bursa Malaysia Securities Bhd has publicly reprimanded Fitters Diversified Bhd and fined five of its directors RM400,000 each for breaching Main Market Listing Requirements (Main LR). The total penalties amount to RM2 million. The sanctioned directors are Datuk Sok One a/l Esen, Hoo Swee Guan, Datuk Seri Gan Chow Tee, Wong Kok Seong, and Kho See Ying.
According to Bursa, Fitters failed to immediately announce acquisitions made by its wholly owned subsidiary, Fitters Development Property Sdn Bhd, on March 7 and 8, 2023. The deals involved the purchase of 12.14 million shares (4.54%) of Computer Forms (Malaysia) Bhd (CFM) worth RM26.44 million and 6.18 million CFM Warrants A (4.78%) worth RM8.33 million, both via open market transactions.
Bursa further said the subsequent announcement, released on March 9, 2023, was not made in a timely manner and contained an inaccurate and misleading statement that the acquisitions were not subject to shareholder approval. All five directors were found to have permitted the breaches.
“Bursa Malaysia views these contraventions seriously, as immediate disclosures and shareholder approvals for material related party transactions are fundamental in enabling investors to make informed decisions and safeguarding shareholder interests,” the exchange said. It added that Fitters and its board must uphold proper standards of corporate governance, responsibility, and accountability towards shareholders and the investing public.
