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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Jacquelyn Cheok
03 February 2015
Mainboard-listed Sino Construction on Tuesday announced that its wholly-owned subsidiary Magnum Energy has partnered Primeforth Special Situation Fund to establish and operate Magnum Modular Power Generation, a joint-venture (JV) company in Singapore.
The JV company will be in the business of generation and sales of electricity from renewable energy sources such as biofuel, said Sino Construction.
Magnum Energy will own 70 per cent of the JV company in terms of shareholdings, while Primeforth will own the remaining 30 per cent.
Magnum Energy will nominate a maximum of three directors to the JV company board - of which one will become chairman of the board - while Primeforth will nominate up to two directors.
Magnum Energy will be responsible for business development and financial management, while Primeforth will be take charge of all operational management scenarios related to the execution of the proprietary micro power plant renewable technologies and associated projects of the JV company.
Sino Construction’s expansion into energy resources and power generation will create a visible and stable cash flow and significantly enhance the potential for future profitability, said the company.
Before 2014, it was primarily engaged in building, construction and civil engineering, as well as project consultancy and management services.
“The current liberalisation of power markets worldwide has created significant opportunities for independent power producers to venture into international markets. With international efforts to reduce carbon emissions, most jurisdictions in the world have implemented preferential tariff rates for electricity generated through renewable sources, resulting in immense market opportunities for new entrants to the power generation sector,” said the company.
The subscription by Magnum Energy of the shares in the JV company will be funded from internal sources, and the JV is not expected to have any material effect on the net tangible asset and earnings per share of Sino Construction for the financial year ending Dec 31, 2015.