MAS Imposes Composition Amount of $17,500 on Malaysian Chinese Association for Failing to Notify the Singapore Exchange Securities Trading Limited ["SGX-ST"] of Changes in Substantial Shareholdings Within Stipulated Timeframe

1     On 16 January 2012, Malaysian Chinese Association ["MCA"] paid a composition amount of $17,500 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     MCA was late in notifying SGX-ST of changes in the shareholdings in Cityneon Holdings Limited ["Cityneon"], which it was deemed to be interested in.  The changes took place on 20 November 2008, 11 August 2009, 25 September 2009 and 10 May 2010.  MCA was also late in notifying Cityneon of the above-mentioned changes.  As a result, Cityneon was unable to disseminate such information to the market as required under Rule 704(3) of the SGX Listing Manual.

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