KUALA LUMPUR (Sept 25): Bursa Malaysia Securities has publicly reprimanded Ahmad Zaki Resources Bhd (KL:AZRB) for failing to immediately disclose four winding-up petitions involving the construction group and its wholly-owned subsidiaries.

The petitions, involving claims totalling about RM9.41 million, were announced between May and July this year, although AZRB had received them between 10 and 50 days earlier, according to Bursa.

Bursa said the delays breached Paragraph 9.19(19)(a)(i) of the Main Market Listing Requirements, which requires listed companies to immediately announce winding-up petitions involving themselves, their subsidiaries or major associated companies.

The longest delay involved a RM2.66 million petition by Pathfinder M & E Sdn Bhd against Ahmad Zaki Sdn Bhd (AZSB). The petition was received on April 1 but was only announced on June 16, about 50 days later.

Another petition from BBR Construction Systems (M) Sdn Bhd involving RM RM5.01 million was announced 14 days after it was received, while a RM1.8 million petition by Qimako Engineering and Construction Sdn Bhd was announced after about 13 days.

Meanwhile, a RM558,844 winding-up petition filed by AmBank Islamic Bhd against AZRB and another wholly-owned subsidiaries, AZSB Machineries Sdn Bhd, was disclosed 10 days after it was received.

Bursa said the announcements were only made after the exchange detected the petitions and engaged with AZRB.

The company had explained that it was negotiating with the creditors and believed the matters were likely to be resolved amicably. Bursa, however, said listed companies are still required to immediately disclose winding-up petitions regardless of whether negotiations to settle them are ongoing.

“The requirement to make an immediate announcement of the winding-up petition is fundamental to enable investors make informed investment decisions concerning the listed issuer’s business and financial condition,” Bursa said.

It added that the repeated delays reflected “poor governance” at AZRB.

Bursa, who stopped short of finding that any of the company’s directors had caused or permitted the breaches, highlighted and reminded that it is the duty of directors to maintain appropriate standards of responsibility and accountability in ensuring the compliance of the main listing requirements.

The board of directors of AZRB at the material time include Datuk Seri Wan Zakariah Wan Muda, Datuk W Zulkifli W Muda, Datuk Roslan Jaffar, Tan Sri Lau Yin Pin, Datuk Wan Mohd Hilmi Wan Kamal and Lee Chee Koon. Datuk Che Noor Azeman Yusoff and Tan Sri Madinah Mohamad have since resigned.

The reprimand comes amid a series of winding-up petitions filed against AZRB and its subsidiaries in recent years.

Most recently, AZRB said on Aug 3 that wholly-owned AZSB had been served with another winding-up petition by Perunding ZKR Sdn Bhd over an alleged RM3.94 million outstanding payment for works carried out under the East Klang Valley Expressway (EKVE) project.

The group has reported losses in three of the last four financial years.

As at March 31, 2026, AZRB had cash and deposits of RM309.11 million against total borrowings of RM2.95 billion. The group posted a net loss of RM1.66 million on revenue of RM154.75 million for the quarter ended on the same date.

On Sept 9, the company redesignated executive vice-chairman Wan Zakariah as chairman following the departure of Madinah. He owns 5.32 million direct shares, representing a 0.8% stake and 27,000 indirect shares in AZRB.

He is also the older brother to executive director Wan Zulkifli.

As at Friday’s close, AZRB shares were unchanged at 90 sen, valuing the group at RM59.2 million.