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icy97

SUMMARY OF KEY FINANCIAL INFORMATION 31 Mar 2025

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		31 Mar 2025	31 Mar 2024	31 Mar 2025	31 Mar 2024
		MYR'000	MYR'000	MYR'000	MYR'000

1	Revenue	271,759	239,181	271,759	239,181
2	Profit/(loss) before tax	17,894	12,930	17,894	12,930
3	Profit/(loss) for the period	14,889	9,807	14,889	9,807
4	Profit/(loss) attributable to ordinary equity holders of the parent	15,019	9,704	15,019	9,704
5	Basic earnings/(loss) per share (Subunit)	3.88	2.55	3.88	2.55
6	Proposed/Declared dividend per share (Subunit)	0.00	0.00	0.00	0.00
		AS AT END OF CURRENT QUARTER		AS AT PRECEDING FINANCIAL YEAR END
7	Net assets per share attributable to ordinary equity holders of the parent	1.7600		1.7200

icy97

SUMMARY OF KEY FINANCIAL INFORMATION 30 Jun 2025

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		30 Jun 2025	30 Jun 2024	30 Jun 2025	30 Jun 2024
		MYR'000	MYR'000	MYR'000	MYR'000

1	Revenue	231,026	240,226	502,785	479,407
2	Profit/(loss) before tax	8,129	22,276	26,023	35,206
3	Profit/(loss) for the period	5,823	17,128	20,712	26,935
4	Profit/(loss) attributable to ordinary equity holders of the parent	6,364	17,307	21,383	27,011
5	Basic earnings/(loss) per share (Subunit)	1.52	4.46	5.39	7.01
6	Proposed/Declared dividend per share (Subunit)	0.00	0.00	0.00	0.00
		AS AT END OF CURRENT QUARTER		AS AT PRECEDING FINANCIAL YEAR END
7	Net assets per share attributable to ordinary equity holders of the parent	1.7200		1.7200

icy97

BURSA MALAYSIA SECURITIES PUBLICLY REPRIMANDS AND/OR FINES P.I.E. INDUSTRIAL BERHAD AND TWO (2) DIRECTORS

P.I.E. INDUSTRIAL BERHAD

Bursa Malaysia Securities Berhad [Registration No.: 200301033577 (635998-W)] (Bursa Malaysia Securities) has publicly reprimanded P.I.E. Industrial Berhad (PIE) and 2 of its directors for breach of the Bursa Malaysia Securities MAIN Market Listing Requirements (MAIN LR). In addition, the 2 directors were imposed total fines of RM150,000.
PIE was publicly reprimanded for breach of the following provisions of the MAIN LR: -

(1) Paragraph 9.03(1) read together with paragraph 9.04(b) of the MAIN LR for failing to make an immediate announcement when the company’s wholly owned subsidiary, Pan-International Electronics (Malaysia) Sdn. Bhd. (PIESB) secured an overseas customer/manufacturer which specialises in servers and switches on 31 March 2024 where: -

• the largest plant/facility of PIESB with a build-up area of 280,000 square feet would be allocated entirely for the manufacturer and the pilot production was scheduled to commence by end of 2024, while mass production was slated to begin in 2025; and
• the expected revenue for the financial year ended 31 December 2025 and 2026 was RM2.5 billion,
  
  

(hereinafter referred to as Award of Business).

PIE had only made the announcement that the company had secured the manufacturer on 19 April 2024 (19 April Announcement) and announced the expected revenue 23 April Announcement


(2) Paragraphs 9.08(2) & (5) of the MAIN LR where PIE had, through its Managing Director, disclosed material information on the Award of Business to Kenanga Investment Bank Berhad (Kenanga) and The Edge Malaysia (The Edge) on 17 April 2024 and 18 April 2024 respectively i.e. prior to the 19 April Announcement and 23 April Announcement to Bursa Securities.

2 directors of PIE at the material time had breached paragraph 16.13(b) of the MAIN LR for permitting the company to commit the breaches for which the following penalties were imposed on them: -

No.	Directors	Breach	Penalty
1.	Mui Chung MengManaging Director	Paragraph 9.03(1) read together with paragraph 9.04(b) of the MAIN LR	Public Reprimand and Fine of RM50,000
		Paragraphs 9.08(2) & (5) of the MAIN LR	Public Reprimand and Fine of RM50,000
2.	Lan, Kuo-YiExecutive Director	Paragraph 9.03(1) read together with paragraph 9.04(b) of the MAIN LR	Public Reprimand and Fine of RM50,000

The finding of breach and imposition of the above penalties on PIE and the directors were made pursuant to paragraph 16.19 of the MAIN LR upon completion of due process and after taking into consideration all facts and circumstances of the matter including the materiality of the breaches, impact of the breaches to PIE and shareholders/investors and the roles, responsibilities, knowledge, involvement and conduct/action/inaction of the directors.

Bursa Malaysia Securities views the contraventions seriously as timely disclosure of material information that might affect investors’ interests is key to a transparent, orderly and fair market. Further, the obligation to ensure no selective disclosure is of paramount importance to ensure fairness and equal access to material information regarding the business and affairs of listed companies towards maintaining investor confidence and market integrity.

Bursa Malaysia Securities has also reminded PIE and its Board of Directors of their responsibility to maintain the appropriate standards of corporate responsibility and accountability to its shareholders and the investing public.

BACKGROUND
On 18 April 2024 and 19 April 2024, Kenanga and The Edge had respectively published a research report entitled “A Slice of AI Pie” and a news article entitled “PIE Industrial confirms bagging new client, expects additional RM2.5 bil revenue”, which reported, amongst others, that: -

• PIE had secured a new sizeable server customer which specialises in servers and switches that will take up its entire largest plant/facility with a build-up area of 280,000 square feet;
• the pilot production was scheduled to commence by the end of 2024, while mass production was slated to begin in 2025; and
• the new customer was expected to contribute RM1 billion in revenue for 2025 and RM1.5 billion in revenue for 2026 which represented more than 50% of the group’s total revenue.
  
  

The information reflected in the research report and article were provided verbally by PIE through its Managing Director in response to telephone calls from Kenanga and The Edge on 17 April 2024 and 18 April 2024 respectively. However, there was no prior disclosure of the information to Bursa Malaysia Securities and PIE had only, upon Bursa Malaysia Securities’ engagements on 19 April 2024 and 22 April 2024, disclosed the information in the 19 April Announcement and 23 April Announcement.

The Award of Business was material/significant to PIE’s business and prospects and there was a significant increase of 47% in PIE’s share price from 16 - 18 April 2024 where PIE’s share price had surged to RM4.94 on 17 April 2024 from RM3.80 on 16 April 2024 and further increased to RM5.57 on 18 April 2024, after the material information was disclosed to Kenanga and The Edge. PIE’s share price had continued to increase and reached a high of RM6.03 on 24 April 2024 after the 23 April Announcement.

There was no reasonable justification for PIE to only disclose/announce the Award of Business on 19 April 2024 and 23 April 2024 particularly when the company had received the Letter of Award on 7 April 2024 and PIE had triggered the disclosure obligation under paragraph 9.03(1) of the Main LR notwithstanding that the formal documentation had not been finalised.

Both Mui Chung Meng and Lan, Kuo-Yi were involved in the discussions and meetings with the manufacturer with regard to the Award of Business as early as 27 February 2024. However, they had failed to undertake proper assessment and determination of the materiality and ensure immediate announcement of the Award of Business in accordance with paragraph 9.03(1) the MAIN LR.

Further, Mui Chung Meng who was the Managing Director and spokesperson for PIE, had selectively disclosed the material information regarding the Award of Business to Kenanga and The Edge Malaysia on 17 April 2024 and 18 April 2024 respectively in blatant disregard/contravention of paragraphs 9.08(2) & 9.08(5) of the MAIN LR.