News
ASB-Press Release On Public Reprimand
BackSep 05, 2000
| Listing Circular LISTING'S CIRCULAR NO. L/Q : 7339 OF 2000 |
| Company Name | : | ADVANCE SYNERGY BERHAD |
| Stock Name | : | ASB |
| Date Announced | : | 05/09/2000 |
| Subject | : | ASB-PRESS RELEASE ON PUBLIC REPRIMAND |
Contents :
Your attention is drawn to the following:-
PUBLIC REPRIMAND OF ADVANCE SYNERGY BERHAD
Kuala Lumpur, 1 September 2000- The Kuala Lumpur Stock Exchange ("KLSE") in consultation with the Securities Commission, publicly reprimanded Advance Synergy Berhad ("ASB" or "the Company") for breach of Section 114 of the Exchange's Main Board Listing Requirements ("MBLR").
ASB was found to have breached Section 114 of the MBLR for failing to make an immediate announcement when ASB's wholly owned subsidiary, Synergy Petroleum Incorporated entered into a Sale and Purchase Agreement ("S&P") on 2 May 1999 to effect the disposal of 72,000 shares of US Dollar 100 each, representing 30% equity interest in Gulf Petroleum Company (Sudan) Limited, for a total consideration of US Dollar 8.2 million ("Disposal").
Section 114 MBLR states that for a transaction where any relevant percentage ratios stated in Section 111 (7) of the MBLR equals to or exceeds 5%, as soon as possible after terms of the transaction have been agreed, an announcement should be given to the Exchange for immediate public release.
The announcement on the Disposal was made by ASB only on 25 February 2000, a delay of approximately ten (10) months from the date of the S&P.
The public reprimand was imposed pursuant to Section 392 of the MBLR after having considered all relevant circumstances and after consultation with the Securities Commission.
The KLSE views the above contravention seriously and hereby cautions ASB and its Board of Directors on their responsibility to maintain appropriate standards of corporate responsibility and accountability in order to achieve greater disclosure and transparency to its shareholders and the investing public.
- End -
Issued by Group Communications. For further information, please contact:
Alice Thomas Mohamad Azam Ali
Vice President Senior Manager, Public Affairs
Group Communications Executive Chairman's Office
Tel : 206 7099 Tel : 231 7406
Fax : 206 3700 Fax : 469 5258
E-mail : ali ce_thomas@klse.com.my E-mail :azam@klse.com.my
PUBLIC REPRIMAND
ADVANCE SYNERGY BERHAD
Breach of Section 114 of the Kuala Lumpur Stock Exchange
Main Board Listing Requirements
(1) In consultation with the Securities Commission, the Kuala Lumpur Stock Exchange hereby publicly reprimanded Advance Synergy Berhad ("ASB" or "the Company") for breach of Section 114 of the Exchange's Main Board Listing Requirements ("MBLR").
(2) ASB was found to have breached Section 114 of the MBLR for failing to make an immediate announcement when ASB's wholly owned subsidiary, Synergy Petroleum Incorporated entered into a Sale and Purchase Agreement ("S&P") on 2 May 1999 to effect the disposal of 72,000 shares of US Dollar 100 each, representing 30% equity interest in Gulf Petroleum Company (Sudan) Limited, for a total consideration of US Dollar 8.2 million ("Disposal"). The total consideration of the Disposal amounted to US Dollar 8.2 million, which is equivalent to RM 31.16 million and this represented 9.2% of the Group's net tangible asset of RM 338.225 million as at 31 Dec 1998.
Section 114 of the MBLR states that for a transaction where the relevant percentage ratios stated in Section 111 (7) of the MBLR equals to or exceeds 5%, as soon as possible after terms of the transaction have been agreed, an announcement should be given to the Exchange for immediate public release.
(3) The announcement on the Disposal was made by ASB only on 25 February 2000, a delay of approximately ten (10) months from the date of the S&P.
(4) The public reprimand was imposed pursuant to Section 392 of the MBLR after having considered all relevant circumstances and after consultation with the Securities Commission.
(5) The KLSE views the above contravention seriously and hereby cautions ASB and its Board of Directors on their responsibility to maintain appropriate standards of corporate responsibility and accountability in order to achieve greater disclosure and transparency to its shareholders and the investing public.