KUCHING (November 24): Bursa Malaysia Securities Bhd (Bursa Securities) has commenced legal action against Serba Dinamik Holdings Bhd (Serba Dinamik) to order the latter to make an immediate public announcement of the Factual Findings Update on the Special Independent Review as at September 30, 2021.
Reference is made to the media releases by Bursa Securities on October 22, 2021, October 27, 2021 and November 8, 2021.
Bursa Securities had on November 23, filed an Originating Summons in the High Court at Kuala Lumpur against Serba Dinamik under Sections 360(1)(c)(i) and/or (ii) (J) and/or (K) and/or (M), 360(1)(4) and 360(13)(b) of the Capital Markets and Services Act 2007 to order Serba Dinamik to make an immediate public announcement of the Factual Findings Update on the Special Independent Review as at September 30, 2021.
The court application arises from Serba Dinamik’s failure to comply with Bursa Securities’ directive dated October 22, 2021.
Bursa Securities’ directive was issued requiring Serba Dinamik to disclose the material findings of the Factual Findings Update as at September 30, 2021, made by Ernst & Young Consulting, who was appointed by Serba Dinamik to carry out an independent review to assess the veracity and accuracy of the matters highlighted by Serba Dinamik’s then statutory auditor, KPMG.
The court application is brought, in discharge of the role and responsibilities of Bursa Securities in regulating the conduct and enforcing compliance with the continuing obligations of listed issuers pursuant to the Main Market Listing Requirements (MMLR).
This is necessary for the purpose of upholding and upkeeping the integrity of the capital market, inter-alia, maintaining a level-playing field, advancing the ‘blue sky’ principle and facilitating equal access to material information affecting a listed issuer.
This is paramount to enable Bursa Securities, who is entrusted with its statutory duties, to ensure an orderly and fair market in the securities that are traded through its facilities and to take all appropriate action to secure compliance with its rules.
Bursa Securities wishes to re-iterate that a listed issuer must make immediate public disclosure of any material information under the MMLR and the Factual Findings Update is material information in accordance with the MMLR.
All investors must be well informed of and given equal access to material information in order to be able to trade on equal footing.