Sunvic chided for breaking rules on interested-person deals
SGX reprimand cites absence of immediate disclosures, shareholder approval in 1.6b yuan of transactions over 3 years
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Singapore
THE Singapore Exchange (SGX) has reprimanded Sunvic Chemical Holdings for breaching listing rules related to 1.6 billion yuan (S$354 million) of interested-person transactions (IPTs) over the three latest financial years.
SGX said that Sunvic, a maker of intermediate chemical products, failed to make immediate announcements of and seek shareholders' approval for IPTs that had been undertaken in the 2013, 2014 and 2015 financial years. The IPTs were made with associates of current Sunvic executive director and chief executive Sun Xiao and of the late Sun Liping, the former executive chairman and CEO of the company.
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