MAS Imposes Composition Amount of $5,500 on Mermaid Maritime Public Company Limited for Contravention of Section 137G(1) of the Securities and Futures Act [“SFA”]

1          On 26 February 2014, Mermaid Maritime Public Company Limited [“Mermaid Maritime”], a corporation listed on SGX Mainboard, paid a composition amount of $5,500 for contravening section 137G(1) of the SFA which requires a listed corporation to disseminate to the securities market, within one business day, any notice on the interest or changes in interest in the securities of the listed corporation that it receives from a director, chief executive officer [“CEO”] or substantial shareholder.

2          Mermaid Maritime was late in disseminating to the securities market information on changes in the interest in securities of Mermaid Maritime which it received on 26 and 29 August 2013 from a director and 26 August and 2 September 2013 from its CEO. 

Listed corporations are required to disseminate the information received from their directors, chief executive officers and substantial shareholders in a timely manner. This is necessary for the proper functioning of a fair, efficient and transparent market.

Last Modified on 26/11/2016