CORP BRIEF: SC, Sedia, Unifi and Y&G Corp


SC fines JAP RM400,000 

THE Securities Commission Malaysia’s (SC) Audit Oversight Board has taken action against audit firm Jamal, Amin and Partners (JAP), and its partner Ahmad Hilmy Johari, over the provision of prohibited services. In a statement yesterday, SC said JAP and Ahmad Hilmy had breached a provision of the Malaysian Institute of Accountants by-laws on professional ethics, conduct and practice. The provision prohibits an audit firm or its audit partner from providing accounting and bookkeeping services such as preparing financial statements for its audit client. SC also revoked the registration of Ahmad Hilmy and imposed a fine of RM400,000 on JAP. The firm is also prohibited from accepting and auditing any public interest entities or schedule fund for a period of 12 months effective June 30. 

Sedia accepts RM899m SBC Port expansion tender 

SABAH Economic Development and Investment Authority (Sedia) has accepted WCT Holdings Bhd’s indirect joint- venture (JV) company’s, WCT-CCCC, tender for the proposed expansion of Sapangar Bay Container (SBC) Port project for RM899.81 million. WCT-CCCC is a 60:40 JV between WCT Bhd, a wholly-owned unit of WCT, and China Communications Construction Company (M) Sdn Bhd (CCCC). In a filing to Bursa Malaysia yesterday, WCT said Sedia had accepted WCT-CCCC’s tender offer to undertake and execute as the main contractor of the proposed project. — Bernama 

Unifi expects 35% fibre connectivity to subscribers 

TELEKOM Malaysia Bhd’s (TM) broadband service unit, Unifi, has pledged to continue its momentum in the third and fourth quarters (4Q) this year by migrating more of its copper broadband subscribers to fibre. In a media briefing yesterday, Unifi said it will expect to deliver 35% fibre connectivity to premises nationwide by the end of 2022 under the National Digital Infrastructure Plan’s target for 2020-2022, which includes fiberising copper-based connections. 

Bursa issues 2nd UMA query to Y&G Corp 

BURSA Malaysia Securities Bhd has issued an unusual market activity (UMA) query to Y&G Corp Bhd following the sharp rise in its share price and trading volume recently. This is the second time the property development and property investment services company received a UMA query from the exchange this year; the first one was issued on May 20. In a statement yesterday, Bursa advised investors to take note of the company’s reply to the UMA query, which will be posted on Bursa Malaysia’s website under the Company Announcements when making their investment decision.