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KUALA LUMPUR: Bursa Malaysia Securities Bhd has publicly reprimanded TRANSMILE GROUP BHD [] for breaching the Listing Requirements and also imposed RM1.8 million in fines on four former directors.

Bursa Securities said on Monday, Sept 6 Transmile had breached the provisions of the listing requirements pertaining to its delay in submitting the financial statements and the restatement of its financial results for years 2005 and 2006.

It then commenced enforcement proceedings against Transmile and its directors in May and July 2007.

It also fined former chief executive officer Gan Boon Aun and former executive director Khiudin Mohd @ Bidin RM781,500 each. Gan resigned on Aug 2, 2007 and Khiudin resigned on June 12, 2007.

It also fined Chin Keem Feung, the former independent non executive director and audit committee chairman RM162,600. Shukri Sheikh Abdul Tawab, the former independent non executive director and audit committee member was also fined RM162,600. Both resigned on June 12, 2007.

The breaches of the listing requirements by the company and former directors were essentially arising from material transactions undertaken by a subsidiary, Transmile Air Services Sdn. Bhd.

It involved overstatements of approximately 30% (that is RM333 million) of Transmile's consolidated revenue reported for the financial year ended Dec 31, 2006 and 35% (that is RM194 million) of the company's consolidated revenue reported for the financial year ended Dec 31, 2005 for services which were never rendered; and

additions to property, plant and equipment of RM341 million (that is RM61 million, RM214 million and RM66 million in the financial year ended Dec 31, 2006, 2005 and 2004 respectively) which were not substantiated.

KUALA LUMPUR: MTD CAPITAL BHD [] stands to gain RM34.02 million for its 67.18 acres in Melaka which has been compulsorily acquired by the state government.

Under the acquisition, MTD will receive RM38.64 million for the land in which its original investment cost was RM4.62, based on RM1.58 per sq ft.

MTD said on Sept 2, its unit Metacorp Development Sdn Bhd had accepted the State Government's offer to compulsorily acquire five pieces of land measuring 67.181 acres under the Land Acquisition Act, 1960 for a total consideration of RM38.64 million.

KUALA LUMPUR: Share prices closed mostly lower on Bursa Malaysia on Monday, Sept 6 as the local bourse remained in negative territory throughout the afternoon session after gains earlier in the day, dealers said.

The FTSE Bursa Malaysia KUALA LUMPUR COMPOSITE INDEX [] (FBM KLCI) lost 0.99 of a point to 1,434.68 after opening 0.44 of a point higher at 1,436.11.

Dealers said the market lost its momentum after the strong run-up over the past few weeks, as investors are reluctant to take any long positions and are unwinding.

However, sustained buying interest in selected banking stocks such as CIMB, AMMB and RHB Capital helped boost the finance index and narrow overall losses.

The Finance Index, however, gained 63.63 points to 13,021.3, but the PLANTATION [] Index was 15.2 points down to 6,645.91 and the INDUSTRIAL INDEX [] declined 14.07 points to 2,752.27.

The FBM Emas meanwhile, lost 11.10 points to 9,573.69 and the FBM 70 Index declined 31.38 points to 9,345.80 and the FBM Ace Index was up 5.17 points to 3,754.53.

Turnover decreased to 743.74 million shares worth RM1.42 billion from the 922.06 million shares worth RM1.718 billion last Friday.

For the actives, Talam Corporation gained half a sen to 9.5 sen, KNM Group declined one sen to 40.5 sen, SAAG Consolidated flat at 6.5 sen and Sinotop Holdings rose one sen to 14 sen.

RHB Capital rose to a near 13-year high to close at RM7.13, surging 29 sen from last Friday's closing price, on speculation of potential merger plans.

RHB Capital was also among the top three major gainers.

Among heavyweights, Maybank declined three sen to RM8.42, CIMB gained 11 sen to RM8.00, Genting advanced seven sen to RM9.29 and AMMB rose seven sen to RM5.96. ' Bernama