KUALA LUMPUR (Jan 9): Bursa Malaysia Securities has publicly reprimanded Reneuco Bhd (KL:RENEUCO) and five of its directors over the company's failure to issue its 2023 annual report by the Jan 30, 2024 deadline.
The annual report for the 15-month financial period ended Sept 30, 2023 was only issued by the company on Feb 8, 2024, the exchange noted in a statement on Friday.
It said Reneuco breached disclosure rules by issuing the report five market days late, and by failing to make a timely announcement that it would miss the reporting deadline.
Reneuco executive chairman Datuk Mustakim Mat Nun was also fined RM2,500, while the remaining four directors at the material time — executive director Sarah Azreen Abdul Samat, and independent non-executive directors Ahmad Riza Mohd Saian, Datuk Dr Muhammad Mahadi Mohamad and Tan Yee Hou — were publicly reprimanded for permitting the delay.
In addition to the enforcement action, Bursa Malaysia ordered the directors and relevant personnel of the company to attend a training programme. Reneuco's board is also required to review and assess the adequacy and competency of the company’s policies and procedures in respect of financial reporting.
Formerly known as K Power Bhd, Reneuco had failed to issue the 2023 annual report by the due date mainly due to unresolved audit issues with its external auditors, which led to a disclaimer of opinion on the annual financial statements, consequently triggering its Practice Note 17 status.
Shares in Reneuco closed unchanged at four sen on Friday, giving the company a market capitalisation of RM46 million.