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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Chan Yi Wen
31 December 2014
Mainboard-listed Matex International, a manufacturer and supplier of speciality chemicals for the textile industry, has entered into a heads of agreement with Australian-listed coal producer, Blackgold International Holdings, in relation to the proposed acquisition of its wholly owned subsidiary, Blackgold Holdings Hong Kong, for a consideration sum of S$475 million.
The proposed acquisition is a reverse takeover deal.
Blackgold Holdings Hong Kong owns four underground thermal coal mines in Chongqing, China, and is evaluating a number of potential new mines.
The proposed acquisition will allow Matex to venture into the energy sector, and participate in coal mining and trading in China. It expects demand for energy, such as coal, to increase in tandem with the continuation of economic development in China.
The acquisition will also allow Matex to diversify away from its core business of speciality chemicals.
"The board expects the business of the group, being the manufacturing, formulating and sale of speciality chemicals focusing on dyestuff and auxiliaries for the textile industry, to remain competitive and challenging in the near future," it said.
Matex's counter closed at S$0.061 on Monday.