BURSA Malaysia has publicly reprimanded financially distressed Waja Konsortium Bhd and two directors for breaches of the Bursa Malaysia Securities ACE market listing requirements.

The local bourse imposed a fine of RM100,000 each on Waja’s MD Peh Lian Hwa and his daughter and company ED Peh Jia Yau, the company said in an exchange filing today (Feb 14).

Waja was reprimanded for failing to make the first announcement on an immediate basis upon announcement of its quarterly report for the financial period ended (FPE) June 30, 2023, after it triggered the Guidance Note 3 (GN3) status.

Bursa Malaysia Securities viewed the breach seriously as the First Announcement was crucial to shareholders and investors as it was in relation to Waja’s financial condition and the consequences of being classified as a financially distressed company pursuant to GN3 status.

The status was triggered when Waja had incurred a RM44.032 million net loss for the 18-months period ended June 30, 2023 which exceeded its shareholders’ equity of RM37.198 million, and the shareholders’ equity was less than 50% of the company’s share capital of RM113.357 million.

Waja provides interconnect solutions under the name ConnectCounty Holdings Bhd. It has ventured into construction, project management and related activities, integrating interconnect and IoT infrastructures. –TMR