MAS Imposes Composition Amount of $5,000 on Melewar Steel Services Sdn Bhd for Contravention of Section 137 of the Securities and Futures Act  [“SFA”]

1          Melewar Steel Services Sdn Bhd [“Melewar Steel”] had contravened section 137 of the SFA, in force at the material time, which required substantial shareholders of listed companies to notify the securities exchange of changes in their shareholdings. On 3 August 2012, Melewar Steel paid a composition amount of $5,000 in respect of the breach.

2          Melewar Steel was late in notifying the Singapore Exchange Securities Trading Limited of the change in its deemed shareholdings in Maveric Ltd [“Maveric”] which took place on 17 August 2010. In addition, Melewar Steel had not notified Maveric of the above-mentioned change within the stipulated timeframe.

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

Last Modified on 26/11/2016