Bursa fines Computer Forms directors RM2m for misleading EV joint venture disclosures

KUALA LUMPUR, 22 JULY 2026 —

Bursa Malaysia Securities Bhd fined Computer Forms (M) Bhd and eight of its current and former directors a combined RM2 million for failing to disclose material information about the company’s failed electric vehicle (EV) joint venture with EA Mobility Holding Co Ltd.

The RM2 million in fines comprised RM1 million imposed on Computer Forms and RM1 million on the eight directors. The penalties were imposed after Bursa completed its review and considered the seriousness of the breaches, their impact on shareholders, and each director’s role.

Bursa found the directors failed to exercise reasonable deliberation to ensure timely and accurate disclosures about the joint venture and its developments. Former executive director Datuk Hoo Swee Guan received the highest fine of RM450,000 for five breaches, including the joint venture announcement, a July 3 press release, and the July 10 put option notice.

Tan Sri Datuk Mazlan Lazim, the independent non-executive chairman, Pang Nan Yew, Wong Kok Seng, and Kho See Yiing were each fined RM300,000 for breaches involving the joint venture announcement, the July 3 press release, and the joint venture termination disclosure. Datuk Wira Justin Lim Hwa Tat was fined RM150,000 for the joint venture announcement breach.

Former independent non-executive vice-chairman Datuk Seri Tan Choon Hwa and former independent non-executive director Tan Li Sin were each fined RM100,000 for the joint venture announcement breach.

The breaches centred on Computer Forms’ proposed joint venture with EA Mobility, which was announced in September 2022. On Jan 5, 2023, the company entered into a joint venture agreement and shareholders’ agreements that required it to procure confirmed purchase orders and inject RM12.5 million into the joint venture company by June 30, 2023.

Bursa found that Computer Forms did not disclose the obligations and material risks in the shareholders’ agreements in its Jan 5 announcement, despite them being fundamental to the joint venture arrangement. The omission occurred during a period when the company’s share price surged 163%, rising RM1.81 between Sept 1, 2022 and Jan 12, 2023.

The company also withheld the existence of the shareholders’ agreements until Sept 25, 2023, despite repeated queries from Bursa. Computer Forms failed to meet its contractual obligations by the June 30 deadline, putting the joint venture at risk of termination. However, it issued a July 3 press release suggesting the partnership was progressing well, which Bursa deemed misleading.

“The representations that parties were in negotiations to fulfil the affirmed orders did not justify the failure to disclose the e-bus order shortfall and the imminent risk of termination of the joint venture agreement in the July 3 press release,” Bursa said. By then, the company’s share price had dropped about 94%, from RM2.92 on Jan 12, 2023 to 17.5 sen on June 30, 2023.

EA Mobility exercised its contractual put option on July 10, 2023, following the e-bus order shortfall. Computer Forms only disclosed the notice 10 days later, on July 20. Bursa said the company failed to disclose the termination despite an enquiry from the exchange on the status of the joint venture agreement.

Instead, Computer Forms maintained that negotiations between both parties were ongoing and that the joint venture agreement remained in force until the transfer of EA Mobility’s shares was completed on Sept 8, 2023. Bursa said disclosing the termination only on Sept 5—three trading days before the share transfer—deprived the market of the opportunity to make informed investment decisions.