Prescribed events which require immediate announcement


A chief executive resigns and provides the official reasons for his resignation in his letter to the listed issuer. The listed issuer makes the announcement required under paragraph 9.19(14)(b) of the Main LR. Subsequently, the actual reasons for the resignation of the chief executive surfaced. Will there be any enforcement action taken against the listed issuer in this instance by Bursa Securities?

In making an announcement, the listed issuer must ensure adherence to the requirements under the Main LR including paragraph 9.16(1) which requires the listed issuer to make, amongst others, clear, factual and accurate announcements. Where there are discrepancies in the said announcement, Bursa Securities will investigate to see whether the listed issuer has done all that is necessary to ensure factual and accurate disclosure of facts.  Additionally, under paragraph 9.16(4) of the Main LR, the listed issuer is required to immediately notify Bursa Securities when it becomes aware that the announcement does not fulfil the requirements of paragraph 9.16(1) of the Main LR, and do the necessary to rectify the earlier announcement made. If, in the course of Bursa Securities’ investigation, it is found that the listed issuer has not taken the necessary steps to ensure accurate and complete disclosure of information, Bursa Securities may take the necessary enforcement action.