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 issue manager
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Cai Haoxiang
03 October 2013
In its second reply to a Singapore Exchange (SGX) query on the sharp rise of its share price since the beginning of the year, Blumont Group said its recent flurry of activities could have attracted international interest in its stock.
The sterilisation services firm, which had been expanding into the mineral and resources sector since the end of last year, said it had been approached by “global financial parties, including an international fund management firm”.
The latter had expressed interest in investing in the company through a private placement, and discussions are ongoing, Blumont said, adding that it had in the past five months held discussions with over 20 additional potential acquisition targets and joint venture partners, most of which are listed firms.
“Some of these negotiations are in an advanced stage, and the company expects the imminent announcements of some of these deals. Such negotiations have included different investment bankers, legal advisors and technical consultants representing the company and the prospects of interest, in different parts of the world.”
In the last nine months, Blumont’s share price had risen from an adjusted 20 cents at end-2012 to close on Monday at an eye-popping historical high of $2.45.
The spectacular rise triggered an unusually detailed query from SGX on Tuesday about the company’s share trading activity. SGX noted that Blumont had made mostly small investments of under A$/US$10 million, and the shares rose even amid the company’s recent one-for-two rights issue at five cents a share.
Blumont reiterated its compliance with listing rules. Yesterday, it appended a list of various investments in iron ore, coal, gold, uranium and copper in the last 10 months.
It said its strategic partners are recognised industry leaders in their fields, and “the market has found comfort in this prudent investment approach”.
“Blumont is not alone in its recognition of the unprecedented opportunity resulting from the recent severe impairment of asset prices in the mineral resources sector,” it said, citing former CEO of mining company Xstrata, Mick Davis, raising US$1 billion earlier this week from SGX-listed Noble Group and private equity fund TPG Capital to start a resources company.
Blumont closed at $2.39 yesterday, down 5 cents, on a volume of 29.9 million shares traded.