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
Comments
Joyce Hooi
21 January 2015
Blumont Group has agreed to place out 100 million new ordinary shares to a “private individual investor”, at S$0.01705 apiece in a deal that will net the firm an estimated S$1.67 million after expenses.
The investor, Vigneswaran T Subramaniam, has not had any business dealings with Blumont apart from this share placement, and does not hold any shares in it, Blumont said on Tuesday.
He was introduced to the company by a director, Farhash Wafa Salvador. “No remuneration or commission was paid or will be payable by the company to him in connection with the placement,” Blumont said in a filing to the Singapore Exchange. The group also said that the placement will “strengthen (Blumont’s) balance sheet, and will provide the company with funds for general working capital.”
The placement price of S$0.01705 represents a discount of about 9.8 per cent to the volume weighted average price of S$0.0189 per share for trades done on Tuesday - the last market day before the deal was signed. On completion of the deal, the placement shares will represent about 3.7 per cent of Blumont’s enlarged issued and paid-up share capital.
The placement is conditional on approval-in-principle being granted by the Singapore Exchange for the listing and quotation of the placement shares within three months from the date of the agreement, among other things.
Blumont’s counter rose 0.1 cent - or 5.3 per cent - in trading on Tuesday to two Singapore cents before the placement announcement was made.