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SGX tells Innopac to engage valuer for businesses it plans to sell

It's concerned about how the investment holding company was valuing the variety of businesses being sold

Published Fri, Nov 16, 2018 · 09:50 PM

Singapore

THE Singapore Exchange (SGX) has ordered Innopac Holdings' audit committee to engage a reputable valuer to assess businesses that the company plans to sell at a sharp discount to their potential net tangible value, Innopac said in an exchange filing on Thursday.

Innopac, an investment holding company, said in October that it would dispose of its stakes in a number of businesses to Innopac chief executive Wong Chin Yong for S$100,000. In response to SGX queries, Innopac said on Nov 5 that it would not engage a valuer due to cost issues.

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