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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Malminderjit Singh
03 October 2014
Mainboard-listed Sino Grandness Food Industry Group announced on Thursday that Thai conglomerates Thoresen Thai Agencies (TTA) and PM Group will take stakes of 9 per cent and 3.77 per cent respectively in the company through a private placement of newly issued shares.
The Shenzhen-based producer and distributor of food and beverage (F&B) products said that it had entered into two subscription agreements with the Thai entities to issue a total of 86 million new ordinary shares of the company to both subscribers at the placement price of S$0.61 per share.
Upon completion of the placement exercise, TTA shall become the second-largest shareholder of Sino Grandness with a 9 per cent stake and one board seat. Prayudh Mahagitsiri, honorary chairman of TTA and the founder and chairman of PM Group, who is known as “the Coffee King of Thailand”, shall be appointed as honorary chairman of Sino Grandness.
“The F&B industry in China continues to fuel exciting growth and offers growth opportunities for companies like Sino Grandness that has established a strong competitive edge. I am particularly impressed with Sino Grandness’ beverage products positioning targeting increasingly health-conscious consumers through offering juices with mid-high juice content which are perceived to be more nutritional and comprising unique fruits such as loquats and hawthorns,” Mr Mahagitsiri explained.
The deal is a strategic investment for both investor groups.
“We are excited about this, our latest transaction, as it will reinforce our new vision as to be the most trusted Asian Investment Group by 2020,” said Chalermchai Mahagitsiri, president & CEO of TTA.
“This deal represents our first step into the food and beverage industry sector, which has a huge growth potential. Sino Grandness has demonstrated cumulative annual growth rates of 40 per cent since 2008, and we foresee the company continuing to deliver stable financial performance.”
Sino Grandness explained that the transaction is not only to add equity funding to the high-growth company, but also to create a new partnership aiming towards new product developments as well as solid expansion into the South-east Asian market.
“Mr Prayudh Mahagitsiri is a highly reputable investor with excellent track record of investing in and managing various businesses, particularly food and beverage business, over the past few decades. We believe his massive experience will tremendously benefit our company going forward,” Huang Yupeng, chairman and CEO of Sino Grandness, revealed.