SGX queries ISR Capital on valuation report
The Singapore Exchange (SGX) on Monday queried
mainboard-listed ISR Capital on its Al Maynard valuation report.
Remisier kings
The cousins who have taken over Peter Lim’s throne View PDF
Popular posts from this blog
Ex-bank owner Agus Anwar declared bankrupt
Prominent former bank owner Agus Anwar was yesterday declared bankrupt by the High Court.
Two ex-UOBKH staff charged with lying to MAS over due diligence reports on a Catalist aspirant
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...
Comments
Claire Huang, The Business Times
21 November 2016
The Singapore Exchange (SGX) on Monday queried mainboard-listed ISR Capital on its Al Maynard valuation report.
It had questioned the company's audit committee on the latter's views about the consideration of S$40 million paid by ISR Capital for a 60 per cent stake in Tantalum Holding (Mauritius) Ltd.
SGX said it is concerned about whether the purchase price at purportedly seven times the price of 3.7 million euros (S$5.6 million) paid by the vendor, REO Magnetic Pte Ltd, just six months ago is fair and reasonable and in the interest of the company and its shareholders.
It added that on July 18 this year, the audit committee had responded that the consideration is fair and reasonable as it had taken into account the market valuation of the asset and technical reports.
The bourse operator said the first valuation report prepared by Geologica Pty Ltd did not meet listing rules requirements as it was prepared by a sole proprietor.
Subsequently, ISR Capital appointed Al Maynard & Associates Pty Ltd to prepare the valuation report.
In its queries, SGX asked if the valuation of US$1.1 billion was done in accordance to listing rules.
It said the report did not disclose a discussion on the data collection, quality control for the mineral resources estimates, as well as details on how the mineral resource estimates were derived, among other things.
The queries came after ISR Capital on Monday morning said it has appointed Chen Tong, a mining resources sector expert, as executive chairman of its board of directors.
"With over 29 years' experience in metallurgical mining and investments, Mr Chen, a Singapore national, has been involved in developing mineral resources assets and businesses in China, Australia, Canada, South Africa and the Asean region over the last ten years, with leading corporations such as Minmetals, Chinalco, Winsway and Sumitomo," the firm had said.
It added that it intends to acquire a Madagascar rare earths mining concession valued at over US$1 billion and is awaiting regulatory and shareholder approvals to acquire a 60 per cent stake in Tantalum Holding (Mauritius), which owns 100 per cent of Tantalum Rare Earth Malagasy SARL.
The latter, ISR said, holds a concession for a rare earth oxide resource in Madagascar, the fourth-largest island in the world and located off the south-eastern coast of Africa.