Bursa Malaysia Securities has publicly reprimanded Saudee Group Bhd (Saudee) for its delayed announcement of new share listings, a breach of critical listing requirements.

Specifically, the company was expected to make the crucial announcement by 3pm on March 26, 2021, but it only did so on March 30, 2021. Consequently, the listing of the new shares was delayed from March 29, 2021, to March 31, 2021.

The breach in question relates to paragraph 2.23(1) of the Main Market Listing Requirements, which empowers the exchange to issue directives or conditions that listed companies must adhere to, and paragraph 13.2 of Practice Note 28, which outlines the process for disclosing additional securities listings.

While the company's directors were not held responsible for the breach, Bursa Malaysia Securities underscored the directors' duty to ensure compliance with listing rules.

The board of directors of Saudee at the time of the breach included Benson Tay Ben Seng, Sim Yee Fuan, Chen Chee Peng, Datuk Sham Shamrat Sen Gupta, and Ong Poh Lin Abdullah.

This reprimand was issued after careful consideration of all relevant facts and due process.

Bursa Malaysia Securities said it takes this breach seriously and emphasises to Saudee and its board of directors their obligation to uphold corporate responsibility and be accountable to shareholders and the public.

The origins of this matter trace back to December 18, 2015, when Saudee received approval from Bursa Malaysia Securities for the listing and quotation of warrants and new Saudee shares.

The approval letter outlined specific conditions, including the requirement to make particular announcements before the listing date.

Despite receiving confirmation for listing on March 26, 2021, Saudee failed to make the necessary announcement in a timely manner, leading to the postponement of the new shares' listing.