TWO former senior employees of UOB Kay Hian Private Limited (UOBKH) were charged on Wednesday for allegedly lying to the Monetary Authority of Singapore (MAS) in relation to reports on a then Catalist aspirant. Lan Kang Ming, 38, and Wee Toon Lee, 34, each face three charges of providing MAS with false information in October 2018 in relation to due diligence reports on an unidentified company applying to list on the Catalist board of the Singapore Exchange. MAS said in a media statement on Wednesday that it was performing an onsite inspection of UOBKH between June and August 2018, to assess the latter's controls, policies and procedures in relation to its role as an issue manager for Initial Public Offering (IPOs). During the examination, Lan and Wee were said to have provided different versions of a due diligence report relating to background checks on a company applying to be listed on the Catalist board of the Singapore Exchange. UOBKH had acted as the issu...
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Ven Sreenivasan
25 June 2013
The three primary founders of listed private equity firm Asiasons Capital have tightened their grip on the company via injection of some $190 million in additional capital.
Directors Mohammed Azlan, Jared Lim Chih Lih and Ng Teck Wah entered into an agreement yesterday to consolidate control of the company by taking up one-third stakes each in the listed company’s parents Porterhouse Capital Ltd (PCL) and Asiasons Investment Managers Inc (AIM).
Mr Azlan and Mr Ng will buy one share each in PCL for an aggregate amount of S$69.28 million. Mr Ng will then buy two shares from each of Mr Azlan and Mr Lim in AIM for S$121.74 million.
Asiasons said the purchases will be conditional upon the proposed purchases by Messrs Lim and and Ng not triggering a mandatory takeover offer under Singapore’s Code on Takeover and Mergers.
On completion, each of Messrs Azlan, Lim and Ng will hold approximately 33.33 per cent in each of PCL and AIM. Collectively, PCL and AIM hold approximately 49.3 per cent of the ordinary shares in the issued and paid-up capital of Asiasons.
Mr Azlan, a Malaysian corporate veteran who heads the boards of several Kuala Lumpur-listed entities including D&O Green Technologies Bhd, Silk Holdings Bhd and a director of Scomi Group Bhd, is also chairman of Asiasons.
Mr Ng was one of the founding directors of Arthur Andersen corporate finance in Malaysia, and was also executive director of Transaction Advisory Services in Ernst & Young KL. He has served in Singapore, Hong Kong, Manila, Thailand and Indonesia and has helped to develop the emerging corporate finance divisions in South-east Asia.
Mr Lim was an investment banker with Avenue Securities and was responsible for the setting up of its corporate finance unit, eventually building it up to a 40-man strong unit dealing in equity offerings, restructurings, M&A and bond issues.
The latter two are joint managing directors of the company.
“The three founders with complemented diverse backgrounds had successfully built the group’s alternative asset investment and management business by providing invaluable leadership, management skills and business network to the group,” Asiasons said in its announcement. “Their leadership will be critical as the group embarks on its next phase of growth.”
It added that the proposed acquisition by Mr Ng “shall enhance his long term commitment to the company” to continue embarking the growth of the group together with his co-founders.
Asiason’s diverse portfolio includes Chaswood Resources, LionGold, Nirvana and EMS Holdings.