Bursa Malaysia Securities said that RHB Investment Bank had previously committed breaches of the listing requirements.
The exchange regulator said the imposition of the public reprimand and fine on RHB IB were made upon completion of due process after taking into consideration all facts and circumstances of the matter. The first breach occurred when RHB IB failed to conduct proper due diligence and make all reasonable due diligence enquiries as well as consider all relevant matters to ensure there was no misstatement or material omission.
The second breach happened when RHB IB failed to immediately notify Bursa Securities of the material developments concerning the applicant’s business, operations, future plans and prospects after the initial submission.It was only upon receipt of the regulator’s queries that RHB IB notified Bursa Securities of these material agreements and developments, it said.
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