Bursa Malaysia fines Ahmad Zaki Resources for late filing of winding-up petitions

KUALA LUMPUR, 26 SEPTEMBER 2026 —

Bursa Malaysia Reprimands Ahmad Zaki Resources for Delays in Disclosing Winding-Up Petitions Involving RM9.41 Million Claims

PETALING JAYA — Bursa Malaysia Securities Bhd has publicly censured Ahmad Zaki Resources Bhd (AZRB) for failing to immediately disclose four winding-up petitions filed against the construction group and its subsidiaries, totaling approximately RM9.41 million, in violations of its listing requirements.

The stock exchange’s reprimand underscores growing investor concerns over corporate transparency, particularly in sectors like construction where financial distress can rapidly erode shareholder value. The delays—ranging from 10 to 50 days—raise questions about AZRB’s governance and its ability to manage creditor risks while maintaining market trust.

Bursa Malaysia announced the disciplinary action on Friday (Sept 25), citing AZRB’s breach of Paragraph 9.19(19)(a)(i) of the Main Market Listing Requirements. The exchange stated that the company had only disclosed the petitions after it detected the matters itself and engaged with AZRB, rather than making immediate announcements as required.

Three of the petitions were filed against Ahmad Zaki Sdn Bhd (AZSB), a wholly-owned subsidiary of AZRB, while the fourth involved AZSB Machineries Sdn Bhd, another subsidiary. The creditors included Pathfinder M & E Sdn Bhd, BBR Construction Systems (M) Sdn Bhd, Qimako Engineering & Construction Sdn Bhd, and AmBank Islamic Sdn Bhd.

The most prolonged delay occurred in the case of Pathfinder M & E Sdn Bhd, which filed a petition over an outstanding sum of RM2.66 million on April 1. AZRB announced this only on June 16, a 50-day delay. Another petition by BBR Construction Systems (M) Sdn Bhd, worth RM5.01 million, was received on May 6 but disclosed on May 26, a 14-day delay.

Qimako Engineering & Construction Sdn Bhd’s RM1.18 million petition, filed on April 24, was announced on May 14, a 13-day delay. The smallest claim, RM558,844 from AmBank Islamic, was received on June 22 and disclosed on July 6, a 10-day delay.

In its defense, AZRB stated that it and its subsidiaries were engaged in discussions and negotiations with creditors to reach amicable settlements and believed the petitions would likely be resolved. However, Bursa Malaysia rejected this explanation, emphasizing that immediate disclosure is mandatory under listing rules, regardless of ongoing negotiations.

The exchange stressed that the immediate disclosure requirement is critical for investors to assess a company’s financial health and make informed decisions. Bursa Malaysia’s statement highlighted that the repeated delays demonstrated disregard for listing requirements and reflected poor governance at AZRB.

While Bursa Malaysia did not find that any of AZRB’s directors had directly caused or permitted the breach, it reminded them of their fiduciary duty to uphold corporate responsibility and accountability. The directors on AZRB’s board during the relevant period included Datuk Seri Wan Zakariah Wan Muda, Datuk W Zulkifli W Muda, Datuk Roslan Jaffar, Tan Sri Lau Yin Pin @ Lau Yen Beng, Datuk Wan Mohd Hilmi Wan Kamal, and Lee Chee Khoon.

Two directors, Datuk Che Noor Azeman Yusoff (resigned on May 31) and Tan Sri Dr Madinah Mohamad (resigned on Sept 9), were also named.

The reprimand comes at a time when Malaysian capital markets are under scrutiny over corporate governance standards, particularly in sectors like construction and property, where financial instability can have broader economic ripple effects. AZRB’s stock, which has faced volatility in recent months, may now face heightened investor scrutiny over its financial transparency and risk management practices.

Bursa Malaysia’s action serves as a warning to other listed companies about the importance of timely disclosures, particularly in matters involving creditor actions that could impact solvency. The exchange has reiterated its expectation that AZRB and its board maintain high standards of corporate responsibility to protect shareholder interests and market integrity.

As AZRB continues negotiations with creditors, the next steps will depend on whether the company can resolve the petitions without further delays or escalation. Investors will be watching closely to see if the reprimand leads to stronger governance measures within the company.