KUALA LUMPUR, Aug 4 — Bursa Malaysia Securities Bhd has reprimanded Eksons Corporation Bhd for its failure to ensure that its fourth quarterly report for the financial year ended March 31, 2022 (FY2022), took into account the adjustments stated in its subsequent announcement on July 29, 2022.
In a statement today, Bursa Malaysia Securities said that while it had not found any of Eksons’ directors to have caused or permitted the breach, it wishes to highlight and remind that it is the duty of the directors to maintain appropriate standards of responsibility and accountability in ensuring compliance of the Main Market Listing Requirements.
The regulator said Eksons was also required to carry out a limited review of the company’s 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 Sept 30, 2023.
“Additionally, Eksons must review and assess the adequacy and effectiveness of its financial reporting,” it said.
To recap, on July 29, 2022, Eksons reported an audited loss attributable to the company’s owners of RM15.45 million for FY2022, which was 51.4 per cent higher than the RM10.21 million unaudited net loss announced on May 30, 2022.
Eksons cited several reasons for the variance, including the omission of an additional investment sum made in securities amounting to RM10.7 million and the reduction in impairment for the inventories held by the company by RM7.1 million from the RM9.5 million provided in the FY2022 fourth quarterly report.
Eksons ceased its loss-making plywood manufacturing operations on January 1, 2023, but still carries out its property development business. — Bernama
