The second breach was for RHB IB's failure to immediately notify Bursa of material developments concerning the applicant's business, operations, future plans and prospects after the initial submission, Bursa Malaysia said in a statement.
Bursa said RHB IB failed to conduct appropriate/proper due diligence and make reasonable enquiries or consider all relevant matters to ensure there was no misstatement or material omission in the submission and disclosures made in the initial listing application and draft prospectus which were submitted to Bursa for the applicant.
It noted that RHB IB had failed to immediately notify Bursa Malaysia Securities of three material agreements which included an agreement with a related party entered by the applicant after the Initial submission. “Bursa Malaysia Securities views the breaches seriously in view of the primary and crucial role played by the sponsors and advisers in the assessment of the suitability of an applicant for admission to the ACE Market which is a ‘sponsor-driven’ market and ensuring quality, accurate and adequate disclosures in the initial public offering and prospectus for the proposed listing of an applicant,” it said.
"Bursa Malaysia Securities wishes to remind the sponsors and advisers to maintain the highest standards of integrity, accountability and responsibilities in discharging their role effectively and competently towards ensuring compliance of the ACE listing requirements and be more vigilant in ensuring the quality, proper and sufficient due diligence, and a thorough review of the application and prospectus prior to submission to Bursa Malaysia Securities," it added.
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