You are here
RHT Capital served notice of compliance over potential conflict of interest
THE Singapore Exchange (SGX) on Wednesday issued a notice of compliance to Catalist sponsor RHT Capital (RHTC), over potential conflict of interest from RHTLaw Taylor Wessing and other RHT Group entities servicing RHTC-sponsored firms.
RHTC is the continuing sponsor of 24 Catalist issuers, including Synagie Corporation, Metech International, Jubilee Industries Holdings and Accrelist.
SGX noted that Synagie and Metech have engaged RHT Corporate Advisory as their designated share registrar. Jubilee and Accrelist have engaged RHT Communications and Investor Relations as their designated investor relations team.
SGX asked RHTC to justify how it is able to maintain independence from the sponsored issuers and avoid any conflict of interest.
RHTC, RHT Corporate Advisory, and RHT Communications and Investor Relations are part of the RHT Group of Companies. Moreover, the RHT Group shares common directors and/or shareholders with RHTLaw and its associated entities, which provide legal and other services to certain sponsored issuers of RHTC.
SGX said at the point of authorisation as a Catalist sponsor, RHTC provided information and confirmation regarding business functions that may create a conflict of interest.
Catalist rules require a sponsor to be independent of and have no conflicts of interest with the entities it sponsors. It must also have in place controls, procedures and other safeguards to maintain its independence.