KUALA LUMPUR (Oct 29): Bursa Malaysia reprimanded AppAsia Bhd and fined its two former directors a total of RM150,000 for failing to make timely disclosures on the company's extraordinary general meeting (EGM) in May last year.

In a statement today, Bursa said it had fined former AppAsia non-executive chairman Datuk Ahmad Ismail and executive director Mohd Faidzal Ahmad Mahidin.

"Notwithstanding that the directors were clearly aware of Bursa Malaysia Securities’ requests / instructions / directives for immediate disclosures of the outcome of the EGM and they were in a position and/or had control over the preparation and issuance of the requisite disclosures / announcements by APPASIA to Bursa Malaysia Securities, they had failed to ensure such disclosures were made by the company.

"Bursa Malaysia Securities views the aforesaid contraventions seriously and has reminded APPASIA and its Board of Directors on their responsibility to maintain the appropriate standards of corporate responsibility and accountability to its shareholders and the investing public," Bursa said.

Shares in AppAsia closed down 0.5 sen or 3% at 16.5 sen today, for a market capitalisation of RM46.4 million. The stock saw 580,500 shares transacted.

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