SGX finds Xpress, ex-chairman broke disclosure rules; issues warnings

XPRESS Holdings and its then-chairman broke listing rules in 2014 by not disclosing in a timely fashion winding-up actions that were taken against the company or its subsidiaries, the Singapore Exchange (SGX) has found.

SGX has issued warnings to the printing services company and to KK Fong, Xpress's chairman and chief executive at the time of the breach and currently the company's non-executive and non-independent director.

The market operator and regulator said Xpress received notice of a winding-up application on July 3 and a second one on July 8. Mr Fong informed the company's board of directors only more than a week later, on or about July 16. The company announced the applications to investors only on July 23, more than a fortnight after the applications were first received.

SGX noted that the listing rules require issuers to immediately announce any winding-up applications, and the delayed disclosures by Xpress and Mr Fong were a breach of those rules.

If Xpress felt that it was unable to make an immediate announcement on time, it should have requested a trading halt of its stock immediately, SGX said.