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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The Small and Middle Capitalisation Companies Association (SMCCA) has 22 founding members, including relatively high-profile firms such as Otto Marine, Q&M Dental Group and Cordlife Group.
08 October 2014
A new association, the Small and Middle Capitalisation Companies Association (SMCCA), has been formed to represent smaller companies listed on the Singapore Exchange (SGX), whose concerns include the dwindling liquidity on the local bourse.
“An illiquid market makes it challenging for listed companies to raise capital for growth and for their stock prices to properly reflect the value of their financial performance,” the SMCCA said in a statement.
SMCCA has 22 founding members, including relatively high-profile firms such as Otto Marine, Q&M Dental Group and Cordlife Group. The association defines small and mid-cap companies as those having a market capitalisation of less than S$1.5 billion.
SMCCA President Tan Choon Wee, who is also executive director at Elektromotive Group, said the association was set up because there was no representative body for smaller firms listed on SGX “despite the fact that all of us in the industry want a fair, consistent and vibrant capital market in Singapore”.
He cited the falling trading values on the local stock market, which has dwindled to an average of US$17.8 billion a month between January to August 2014, from a peak of US$33.8 billion in October 2010. The falling trading liquidity trend has affected Singapore more other Asian stock markets. “Singapore is no longer Southeast Asia’s top market by trading volume. It has been overtaken by Thailand in the last two to three years,” SMCCA said.