AXIS INCORPORATION BERHAD ("the company") - Unusual Market Activity
Submitted By/Contact Person
We refer to Bursa Malaysia Securities Berhad ("Bursa Securities") letter dated 30 July 2008 in relation to the unusual market activity of the Company's shares.
Pursuant to Paragraph 9.11 of the Listing Requirements of Bursa Securities, the Board of Directors of the Company wishes to announce that to the best knowledge, they are not aware of any of the following that may have contributed to the unusual market activity:
1) Any material corporate development relating to the Group's business and affairs not previously announced;
2) Any rumours or report concerning the business and affairs of the Group; and
3) Any other reasons to account for the unusual market activity.
The Company will make the necessary announcement to Bursa Securities of any material information should it falls under the Listing Requirements of Bursa Securities in particular Paragraph 9.03 on disclosure of material information.
Subsequently on 31/07/08 08:32:02, the Company requested for it's shares to be suspended for this following announcement:
Submission of the Audited Financial Statements
AXIS INCORPORATION BERHAD ("Axis" or The "Company")
- Submission of Audited Financial Statements for the Financial year ended 31st March 2008 (hereinafter referred to as "AFS")
The Board of Directors of Axis ("Board") wishes to announce that at the Board of Directors' meeting held on 30 July 2008 at 6:40pm., the Board has unanimously resolved that the Company would not be able to submit its AfS by the deadline on 31 July 2008 as a result of material unresolved issues raised by our external auditors, Messrs Horwath during the Audit Committee meeting held at 3:35pm on 30 July 2008. The Management of Axis requires time to resolve these issues.
The Audit Committee has proposed and the Board has approved the need to appoint an independent firm of auditors to carry out a special audit immediately to address these issues.
The Company will make necessary announcements upon the outcome of the special audit.
This announcement is dated 30 July 2008
Now Yusli, what does these 2 announcements tell you? This type of sudden change of contradicting announcement has in fact, been happening on quite a frequent basis in our Exchange and it will continue to happen because you allow it to happen on your 'tidak apa' attitude. The fact that the price of this said shares has started to come under selling pressure one week ahead of the Exchange query is enough to raise suspicion that someone is cashing in ahead with insider information. Why was the Exchange slow to institute a query? What element is involve here for the Exchange to institute a query? Whatever it is, there is really a big flaw in the Exchange system itself. And why was there no further investigation into this matter?
Yusli, i remember you made a press statement few days back asking investors to have confidence towards our share market as the foreigners' activities accounted for about 40% of our daily volume. That statement to me is all bulls without any foundation.
With this type of event that continues to plague our system and the lacklustre attitude of the administration of yours, you can forget about investors' confidence. Our main problem lies from within that is, Bad Governance, period! It has nothing to do with the world economy outlook.
Perhaps, we can look at all these positively for the fact that we have decouple ourselves from the world markets and from foreign funds.
So much for Credibility and Accountability.