You are here

SGX raps Advance SCT and two directors for rule breaches

SGXOffice301015.jpg
The Singapore Exchange (SGX) has reprimanded mainboard-listed Advance SCT for breaching several listing rules by failing to promptly disclose material information on certain transactions and in some cases failing to seek shareholder approval.

The Singapore Exchange (SGX) has reprimanded mainboard-listed Advance SCT for breaching several listing rules by failing to promptly disclose material information on certain transactions and in some cases failing to seek shareholder approval.

It also rapped the company's chairman and chief executive officer, Weng Hua Yu alias Simon Eng, and its non-executive director, Peter Choo, for their role in the breaches.

"Mr Weng ... and Mr Peter Choo Chee Kong did not demonstrate the qualities and standards expected of directors and management of SGX-listed companies," the bourse said in a press release on Friday, adding that SGX-listed firms should consult it before they appoint Mr Weng or Mr Choo as directors or members of management.

It added that it has reported the rule breaches to the authorities.

sentifi.com

Market voices on:

SGX noted that Advance SCT, which supplies copper-based products, had been served notice of a 42.8 million yuan (S$9.50 million) arbitration claim against it and Mr Weng in Nov 2012 but only told shareholders about the claim in July 2013.

The firm also paid S$1.6 million to CNMC Capital, a company owned by Mr Weng and Mr Choo, for shares that CNMC had lent out, SGX said, adding that the sum Advance SCT paid to CNMC was much higher than the shares' market value of S$1.1 million.

grab

Receive $80 Grab vouchers valid for use on all Grab services except GrabHitch and GrabShuttle when you subscribe to BT All-Digital at only $0.99*/month.

Find out more at btsub.sg/promo

Powered by GET.comGetCom