MAS IMPOSES COMPOSITION AMOUNT OF $2,750 ON TAN KIM SENG FOR FAILING TO NOTIFY THE SINGAPORE EXCHANGE SECURITIES TRADING LIMITED ["SGX-ST"] OF CHANGES IN SUBSTANTIAL SHAREHOLDINGS WITHIN STIPULATED TIMEFRAME

                


1       On 15 July 2011, Mr Tan Kim Seng ["Mr Tan"] paid a composition amount of $2,750 for contravening section 137 of the Securities and Futures Act ["SFA"] which requires substantial shareholders of listed companies to notify the securities exchange of changes in their shareholdings.

2       Mr Tan was late in notifying SGX-ST of the change in his deemed shareholdings in HG Metal Manufacturing Limited ["HG Metal"] which took place on 15 November 2010.  Mr Tan was also late in notifying HG Metal of the above-mentioned change.  As a result, HG Metal was unable to disseminate the information to the market as required under Rule 704(3) of the SGX Listing Manual.

3       Mr Tan had previously accepted an offer of composition made by the Authority in March 2010 for a contravention of section 137 of the SFA.


Substantial shareholders are required to notify the securities exchange of changes in their shareholdings in a timely manner. This is necessary for the proper functioning of a fair, efficient and transparent market.

Last Modified on 26/11/2016