Asdion publicly reprimanded by Bursa Malaysia

PETALING JAYA: Bursa Malaysia Securities Bhd has publicly reprimanded Asdion Bhd for breaches of the Bursa Malaysia Securities ACE Market Listing Requirements (LR).
The regulator said in a statement that Asdion had failed to issue its annual report for the financial year ended March 31, 2016 by the stipulated time frame of July 31, 2016. It was only issued on Aug 18, after a delay of 14 market days.
The group also failed to ensure that its announcement dated May 31, 2016 on the fourth quarterly report for the financial year ended March 31, 2016 took into account the necessary adjustments.
Asdion is 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, Bursa Malaysia said.
“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 September 30, 2017. In addition, Asdion must ensure all its directors and relevant personnel attend a training programme in relation to compliance with the ACE LR pertaining to financial statements,” it added.