SC Investigates Hospitech Resources Bhd for Possible Breach of Securities Laws

SC to Monitor Refund of Monies to Investors

Kuala Lumpur, 20 April 2006

The Securities Commission (SC) has been investigating Hospitech Resources Bhd (Hospitech) for possible breaches of securities laws based on information received recently.

Hospitech’s Board of Directors on 19 April 2006 voluntarily withdrew the company’s intended listing and quotation on the MESDAQ Market of Bursa Malaysia Securities Berhad.

All application monies pertaining to Hospitech's Initial Public Offer (IPO) exercise are currently held in trust accounts. The company, its Adviser (Avenue Securities Sdn Bhd) and the Issuing House (MIDF Consultancy and Corporate Services Sdn Bhd) are managing the return of the monies to successful applicants who have subscribed to the IPO. The SC will monitor the situation to ensure timely and orderly reimbursement to the relevant parties.

Notwithstanding Hospitech’s decision to withdraw its listing, the SC will continue its investigation.

As part of its gatekeeping function, the SC continuously conducts surveillance, monitoring and enforcement of the capital market, and will not hesitate to take relevant action when there is sufficient evidence from its investigations.


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The Securities Commission Malaysia (SC) was established on 1 March 1993 under the Securities Commission Act 1993 (SCA). We are a self-funded statutory body entrusted with the responsibility to regulate and develop the Malaysian capital market.

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