KUALA LUMPUR (March 15): The Securities Commission Malaysia (SC) said it has already looked into and acted on the complaint it received about a year ago from South Malaysia Industries Bhd (SMI), which has filed for a judicial review against the capital markets regulator to compel it to come up with a decision on the complaint.
In a brief statement issued on Friday, the SC said it had also had multiple engagements and communications with SMI on the issue, with the most recent being in January this year.
"The SC noted the announcement made by SMI that a judicial review has been filed against the SC and that the leave is fixed for hearing on April 29, 2024. To date, the SC has yet to be served the cause papers of SMI’s judicial review," its statement read.
On Thursday, SMI announced via a bourse filing that it had filed for a judicial review against the SC to compel it to make a decision with regards to its complaint of an alleged breach of the Capital Markets and Services Act 2007 by SMI’s substantial shareholders Honsin Apparel Sdn Bhd and HIQ Media Sdn Bhd, and other parties acting in concert (PACs) with them.
In the complaint dated March 23, 2023, SMI alleged that Honsin and the PACs had taken control of over 33% of the company's shareholdings without making a mandatory takeover offer. Honsin is wholly owned by Techbase Industries Bhd, formerly known as Prolexus Bhd, which also owns 51.91% in HIQ.
SMI, in its judicial review application, is seeking a mandamus order to compel the SC to conform with the rules of natural justice "in giving due consideration to and conduct of a proper hearing" on the group’s complaint.
Other than an order from the court to compel the SC to make a decision on its complaint in accordance with proper procedures, SMI also wants the SC to communicate the basis and reason for its decision to the group.
Shares of SMI closed half a sen or 0.8% higher at 63.5 sen on Friday, giving it a market capitalisation of RM133.31 million.