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As at 9 March 2011, there are a total of 12 companies under Guidance Note 3* which represent approximately 1.26% of the total number of 956 companies listed on Bursa Securities.

List of companies under Guidance Note 3*:-

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1. BCT TECHNOLOGY BERHAD

2. CAROTECH BERHAD

3. Connectcounty Holdings Berhad

4. ECOFUTURE BHD

5. Fotronics Corporation Berhad

6. HDM-Carlaw Corporation Berhad

7. H-DISPLAYS (MSC) BERHAD

8. Intelligent Edge Technologies Berhad

9. Kannaltec Berhad

10. MOBIF BERHAD

11. TRICUBES BERHAD

12. Viztel Solutions Berhad

* Include companies that triggered any of the criteria pursuant to Guidance Note 3 of the MESDAQ Market Listing Requirements of Bursa Securities which came into effect on 8 May 2006

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BURSA Malaysia has fined three directors of financially troubled Kenmark Industrial Co (M) Bhd some RM2.5 million collectively for breaking listing rules.

The three Taiwanese, who have not appeared in public since the furniture company’s troubles began last year, are being punished for Kenmark’s unclear and late statements, among others.

Legal action would be taken against them, namely Hwang Ding Kuo @ James Hwang, Chang Chin-Chuan and Chen Wen-Ling, if they fail to pay the fines before March 10 2011.

It is understood that Bursa Malaysia has sent them letters about the enforcement actions to their last-known address in Taiwan and the directors are aware of them.

Five other directors were also reprimanded by Bursa Malaysia for various breaches of listing rules. They are Zainabon @ Zainab Abu Bakar, Yeunh Wee Tiong, Datuk Abd Gani Yusof, Ho Soo Woon, and Woon Wai En. Kenmark’s troubles began when major shareholder Hwang disappeared and then started selling his shares. During the period, the company’s share, which normally traded at 80 sen, fell to as low as 6 sen.

The shares were picked up on the cheap by Datuk Ishak Ismail, who emerged with a 33.36 per cent stake. He sold the stake 10 days later in mid-June, making a profit as the stock rebounded from record lows.

Question is how is Bursa going to send their demand letter when no one knows where these directors are?

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Benalec Holdings Bhd, an integrated marine construction and vessel chartering services provider, made a strong debut on Bursa Malaysia’s Main Market with a 36 sen premium over its offer price of RM1 per share.

At the opening bell, a total of 8.6 million Benalec shares were traded.

“We are happy with the (opening) share price of RM1.36 and feel quite confident of doing much better in future,” managing director Leaw Seng Hai said at a press conference after its listing ceremony yesterday.

Benalec shares ended at RM1.34 on a volume of 101 million units and a market capitalisation of RM978.2 million.

The company has raised some RM100 million from the exercise.

Benalec is the second company to be traded on the Main Market this year with both companies showing a healthy premium debut.

Maxwell International Holdings Bhd – a Chinese-based sport shoemaker – was listed first, gaining 4.6 per cent at the opening bell from its offer price of 54 sen per share. It ended its maiden day at 56.5 sen.

Elaborating on its operations, Leaw said Benalec is in the midst of obtaining the building and construction authority licence from the Singapore government to enable it to bid for land reclamation projects in the republic.

“Hopefully, we can get the licence within the next one to two months. At present, our concentration is more on our projects in Penang, Malacca and Johor. We also plan to explore more overseas projects in the future,” he added.

The company currently has an orderbook of RM855 million. Of this, about RM664 million is in unbilled orders that will last it until 2016. It is said to hold an 18 per cent share of the marine construction market.

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