KUALA LUMPUR (Oct 20): Computer Forms (Malaysia) Bhd (KL:CFM) said it has applied for leave to commence judicial review proceedings against Bursa Malaysia Securities' decision to publicly reprimand the company for breaches of listing requirements involving its failed electric vehicle (EV) joint venture.
The application filed at the High Court on Monday was also made by some of its directors, the company said in a bourse filing, without naming them.
Bursa Securities had on July 21 publicly reprimanded Computer Forms and fined eight of its current and former directors a combined RM2 million for multiple breaches of listing requirements involving the proposed joint venture with EA Mobility Holding Co Ltd.
The proposed venture was announced in September 2022 as part of Computer Forms’ plans to enter Malaysia’s EV industry. Under an agreement signed in January 2023, the company was required to procure confirmed purchase orders and inject RM12.5 million into the joint venture company by June 30, 2023.
Bursa Securities found that Computer Forms had failed to make timely, complete and accurate disclosures on material developments relating to the joint venture, depriving investors of information needed to make informed investment decisions.
Former executive director Datuk Hoo Swee Guan was fined RM450,000 for a total of five breaches, including for the joint venture agreement, a put option notice, disclosure of the agreement's termination, and shareholder agreement misrepresentation.
Independent non-executive chairman Tan Sri Mazlan Lazim, former executive director Pang Nan Yew, independent non-executive director Wong Kok Seng, and former independent non-executive director Kho See Yiing were each fined RM300,000 for breaches involving the agreement announcement and subsequent termination disclosure.
Former executive director Datuk Justin Lim Hwa Tat was fined RM150,000 for the agreement announcement breach.
Former independent non-executive vice-chairman Datuk Seri Tan Choon Hwa and former independent non-executive director Tan Li Sin were each fined RM100,000 for a similar breach.
In its filing on Tuesday, Computer Forms said case management for the judicial review leave application has been fixed for Nov 16.
Computer Forms, which is engaged in printing and distributing computer forms, stock forms and specialised forms, saw its share price close half a sen or 7.69% higher at seven sen on Tuesday, bringing its market capitalisation to RM22 million.