Tardy disclosures by Xpress Holdings

IN a letter to BT published on July 25, corporate governance expert Mak Yuen Teen raised important questions about the disclosures by printing firm Xpress Holdings.

Xpress was queried by the Singapore Exchange (SGX) on July 1 after 184 million of its shares traded that day - a sharp spike from the daily average of 3.7 million the week before, or the 1.05 million done a day earlier.

After the company replied that it did not know of any reasons for the unusual volume and confirmed compliance with the Listing Manual, SGX correctly issued a TWC or "Trade With Caution" notice.