Bursa reprimands Fitters

KUALA LUMPUR: Fitters Diversified Bhd was reprimanded by Bursa Malaysia Securities Bhd (Bursa Malaysia) yesterday for the late submission of its annual audited accounts for FY10 ended Dec 31, according to an announcement on the exchange’s website.

The fire safety and protection specialist breached Paragraph 9.23(2) of the Main Market Listing Requirement by failing to submit its annual audited accounts on or before April 30, 2011. According to the announcement, Fitters submitted its accounts on May 6, 2011, a delay of four market days.

The breach was caused by, among others, the delay in finalising and furnishing the subsidiary’s audited financial statements to the external auditors, the statement read.
Paragraph 9.23(2) of the Main Market LR stipulates that a listed issuer must provide to Bursa Malaysia its annual audited financial statements together with the auditors’ and directors’ reports within a period of not more than four months from the close of its financial year, unless the annual report is issued within a period of four months from the close of the financial year.

In addition to the public reprimand, all the board members of Fitters are required to attend a training programme on compliance with the Main Market LR particularly pertaining to financial statements.

Fitters is also required to take all reasonable steps including putting in place or enhancing the company’s procedures and processes and review the effective implementation of the same to ensure compliance with the Main Market LR at all times.

Fitters had risked a trading suspension in May this year for the delay in submitting its audited financial statements.