KUALA LUMPUR: Bursa Malaysia Securities has publicly reprimanded TH Heavy Engineering Bhd for failing to incorporate adjustments which were made in the annual audited accounts for the year ended Dec 31, 2013.
In a circular issued on Wednesday, Bursa Malaysia said the failure to take into account the adjustments was in contravention of Paragraph 9.16(1)(a) of the Bursa Malaysia Securities Main Market Listing Requirements (Main LR).
It said that a listed issuer must ensure that each announcement made is factual, clear, unambiguous, accurate, succinct and contains sufficient information to enable investors to make informed investment decisions.
"TH Heavy is also required to review and ensure the adequacy and effectiveness of its financial reporting function and carry out a limited review on its quarterly report submissions.
"The limited review must be performed by the company’s external auditors for four quarterly reports commencing no later from the quarterly report for the financial period ended Dec 31, 2014," it said.
Bursa Malaysia also noted that TH Heavy must ensure all its directors and relevant personnel attend a training programme on compliance with the Main LR pertaining to financial statements.
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