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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Angela Tan
31 March 2015
Sino Construction’s share price rose on Monday morning after the company said it would raise S$6.5 million through the placement of 262 million new shares.
The shares ended Monday’s session at S$0.035 each, up 0.6 cent, or almost 21 per cent. More than 42.7 million shares changed hands.
Four individuals have agreed to subscribe to a total of 262 million new shares at S$0.0248 each - a discount of 9.8 per cent to the weighted average price of S$0.0275 for trades done on March 26, 2015. The new shares represent 6.4 per cent of the existing issued share capital of the company.
Drew Madacsi, interim executive director of Sino Construction, said the company’s first Micro Power Plant is still on track to be operational in April, with new generators having arrived in Korea.
The money raised is to be used to shore up the current financial position of the company, allow the implementation of the personnel strategy and advance further construction of more micro power plants in South Korea, he said. “Sino has been on a recent drive to restructure core parts of its business through more stable cash flow projects, those requiring narrow capital expenditure. Some of the recent changes have been painful but extremely necessary for the re-emergence of the company in 2015 and beyond.”
The four investors are Lim Swee Yean (50 million shares), Lee Bu Hua (75 million shares), Levin Lee Keng Weng (60 million shares) and Wong Meng Choo (77 million shares).
The company - which saw the resignation of the previous executive director and non-executive chairman - recorded a S$7 million net loss for its latest quarter ended Dec 31, 2014, versus a S$2.18 million net gain in the year ago period. Revenue for the quarter was S$1.12 million versus nil in the restated period last year.