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 issu...
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Angela Tan
16 March 2015
Blumont Group said on Monday that it is considering its options on how to comply with Singapore Exchange’s (SGX) requirement that securities listed on the Main Board must maintain a minimum share price of S$0.20 each.
Blumont shares were trading around S$0.011 each before the company sought a halt in their trading pending an announcement.
“At this stage, the company considers that its options include (but are not limited to) undertaking a share consolidation or, potentially, transferring the listing of the shares from the Main Board of the SGX to the Catalist board of the SGX-ST,” Blumont said.
“The company will determine the appropriate course of action in due course,” it said, adding that shareholders’ approval will be required.
SGX implemented the minimum trading price of 20 Singapore cents for mainboard-listed companies on March 2, 2015.
Blumont will have a one-year transition period to meet this requirement as issuers will be first assessed for compliance on March 1, 2016.
Separately, Blumont said its takeover bid for Australia-listed mineral exploration and development company Genesis Resources Limited via a share swap is now “unconditional”. The offer closes on March 23, 2015.
Genesis directors had recommended on March 3 that shareholders reject the deal.