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- The regulator noted that on July 24, 2024, the High Court had dismissed Ecobuilt's application to stay a winding-up petition filed against the company and proceeded to issue the winding-up order.
KUALA LUMPUR (Sept 12): Bursa Securities has publicly reprimanded Ecobuilt Holdings Bhd (KL:ECOHLDS) for the latter’s failure to make an immediate announcement and misrepresentation relating to a winding-up order last year.
The construction company's former CEO and executive director Ng Choon Keith and former director Datuk Ong Chee Koen were also fined RM200,000 each for the offences, said Bursa Securities in a statement on Friday.
The regulator noted that on July 24, 2024, the High Court had dismissed Ecobuilt's application to stay a winding-up petition filed against the company and proceeded to issue the winding-up order.
"However, Ecobuilt had failed to make an immediate announcement of the winding-up order and further, misrepresented in the July 24 announcement that the High Court had ordered to stay the winding-up petition. Ecobuilt only announced the winding-up order on July 29, after a delay of three market days," said Bursa Securities.
It further noted that Ecobuilt had filed an appeal and stay application relating to the winding-up order on July 25 and 26 respectively, but did not make any announcement on the appeal and had only announced the winding-up order together with the stay application on July 29.
A listed issuer is required to make an immediate announcement upon occurrence of any material development arising from winding-up proceedings under the Main Market Listing Requirements and Corporate Disclosure Guide.
The materiality of the disclosures is exemplified by the consequence of Ecobuilt shares’ trading suspension on Aug 9, 2024, due to the winding-up order. The stock was not delisted in accordance with the listing requirements in view of the appeal and stay application.
Bursa Securities noted the winding-up order was set aside by the Court of Appeal on Sept 11, 2024. The counter resumed trading on Sept 25.
Shares in Ecobuilt ended unchanged at 3.5 sen on Friday, valuing the company at RM12.88 million.
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