PETALING JAYA: Bursa Malaysia Bhd has publicly reprimanded Sunzen Biotech Bhd and two of its directors for failing to obtain prior shareholders’ approval in respect of the diversification into the crude palm oil trading business.
The venture into the new business started in February 2017, but the group only announced the proposed ratification of the diversification on Feb 9, 2018 and obtained its shareholders’ ratification May 30, 2018.
The stock exchange said that Sunzen’s two executive directors at the material time had breached Bursa Malaysia Securities ACE Market Listing Requirements (ACE LR) for allowing Sunzen to commit the breach.
Group managing director/CEO Datuk Hong Choon Hau and former executive director/CEO Lim Eng Chai was fined RM50,000 each.
Bursa stated that it views the contravention seriously as the requirement of Rule 10.13 of the ACE LR serves to protect the interest of shareholders and ensure shareholders are kept informed of all facts or information that might affect their interests.
