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SingPost reprimanded for listing rule breach in 2014 acquisition disclosure

Factual inaccuracy on director's interest; disclosure omission not promptly corrected due to lack of internal controls

Published Thu, May 4, 2017 · 09:50 PM

SGX

Singapore

THE Singapore Exchange (SGX) on Thursday issued a public reprimand to Singapore Post (SingPost) for breaching the exchange's listing rules in a July 18, 2014 announcement on the purchase of UK-based freight forwarder FS Mackenzie (FSM).

In its Regulatory Action announcement, SGX said SingPost's breaches were twofold. The first was failure to state in the original release that SingPost's then independent director Keith Tay Ah Kee was the non-executive chairman and 34.5 per cent shareholder of Stirling Coleman Capital, the arranger for the FSM acquisition.