Suhaimi resigned as Sridge group managing director on Jan 4 this year. Contesting under the Perikatan National ticket in the 2022 general election, he toppled incumbent and former prime minister Dr Mahathir Mohamad for the Langkawi seat.

Two of the directors fined are Suhaimi’s children – deputy managing director Syakur, and executive director and CEO Satila. The other individual fined was Wong Chee Keong, who resigned as executive director on July 5, 2022.

In a statement, Bursa Securities said Sridge, which was also reprimanded, had failed to make an immediate announcement when the company received a letter of award (LOA) dated May 4, 2021 for a total contract sum of RM20.64 million over 36 months from the LOA date.

It said that Sridge had only announced the contract award on October 4, 2021, a delay of five months.

The LOA signed on May 4, 2021 represented more than 200% of the company’s consolidated revenue of RM9.1 million based on its annual report for the financial year ending June 30, 2020.

It added the four had breached Rule 16.13(b) of the ACE listing requirements for permitting the company to commit the breach.

Bursa Malaysia Securities said it views the contraventions seriously as it is essential that listed corporations strictly comply with the disclosure obligations, in particular the requirement to make an immediate announcement of material information.

“This served to ensure investors and the public were kept fully informed by the listed corporation of all facts or information that might affect their interests and is fundamental to enable investors to make informed investment decisions,” it added.

Sridge closed one sen or 3.33% higher at 31 sen, giving it a market capitalisation of RM63 million.