Last updated on December 25, 2025
KUALA LUMPUR: Bursa Malaysia Securities Berhad has issued a public reprimand against Ecobuilt Holdings Bhd (ECOHLDS) and fined two of its former directors RM200,000 each for breaching the Main Market Listing Requirements (MAIN LR).
The Exchange said ECOHLDS failed to make immediate disclosures related to a winding-up order, subsequent appeal, and stay application, while also releasing an announcement that was found to be misleading.
Breach details
According to Bursa, ECOHLDS breached:
- Paragraph 9.19(19)(a)(ii) for failing to immediately announce the winding-up order dated 24 July 2024.
- Paragraph 9.03(1) with 9.04(f) for failing to immediately announce its appeal to the Court of Appeal (25 July 2024) and a Summons in Chambers to stay the order (26 July 2024).
- Paragraphs 9.35A(1)(a) & (b) for issuing an announcement on 24 July 2024 that was inaccurate and misleading, stating that the High Court had ordered a stay when it had, in fact, dismissed the stay application.
The company only disclosed the winding-up order on 29 July 2024, three market days late, and provided further details in subsequent announcements on 30 July and 1 August 2024.
Director accountability
Two former directors were found responsible under Paragraph 16.13(b) of the MAIN LR:
| Director | Position | Breach | Penalty |
|---|---|---|---|
| Ng Choon Keith | Former Executive Director/CEO (resigned Feb 6, 2025) | Delay breaches, misrepresentation | Public reprimand, RM150,000 fine (delay), RM50,000 fine (misrepresentation) |
| Datuk Ong Chee Koen | Former Non-Independent Non-Executive Director (resigned Dec 9, 2024) | Delay breaches, misrepresentation | Public reprimand, RM150,000 fine (delay), RM50,000 fine (misrepresentation) |
Bursa said the directors knew of the winding-up developments and could not rely solely on legal or secretarial advice without making reasonable enquiries to ensure compliance.
Regulatory reminder
The Exchange stressed that timely, accurate disclosure is crucial for market transparency and fair trading. The failure to announce a winding-up order was particularly serious, as it triggered potential de-listing implications under Paragraph 16.11(2)(d)(ii) of the MAIN LR.
“Bursa Malaysia Securities views the contraventions seriously as timely, full and accurate disclosure of material information that might affect investors’ interests is key to a transparent, orderly and fair market,” the regulator said.
ECOHLDS’ securities were suspended from 9 August 2024 due to the winding-up order, though the company avoided de-listing as it pursued appeals. The Court of Appeal later set aside the winding-up order on 11 September 2024.
