Pie Face to open 50 new stores; ASIC says no excuses to leak confidential information: Midday Roundup

Australian pie franchise Pie Face has announced an expansion into the Asian market, signing a deal with Malaysian property developer VL Development to open at least 50 stores throughout Singapore and Malaysia in the next five years.

The deal continues the retailer’s international expansion, which saw it open stores in New Zealand, the US and more recently, 100 stores in the Middle East.

VL Development, which has business interests in property development, hotels and trading and is backed by prominent businessman Lim Beng Hian, is also considering expanding Pie Face into other Asian markets.

ASIC says no excuses to leak confidential information

The Australian Securities and Investments Commission want to make it clear there are no get-out-of-jail-free cards when it comes to leaking confidential information.

According to the Governance Institute of Australia, a report published by ASIC this week says there are no excuses or extenuating circumstances that can justify the leakage of confidential information by listed entities or their advisers.

The report, titled Handling of confidential information: Briefings and unannounced corporate transactions, says listed companies need to take greater responsibility for putting in place and enforcing specific written policies and procedures to stop the leakage of market-sensitive information.

Shares down on upen

Aussie shares have opened flat this morning, following little overseas action.

The S&P/ASX200 benchmark was down 0.3 points to 5512.5 at 11.50AEST. The US market was closed on Monday for Memorial Day.


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