MAS Imposes Composition Amount of $2,500 on Pacific Carriers Limited for Contravention of Section 137 of the Securities and Futures Act [“SFA”]

1          Pacific Carriers Limited [“PCL”] had contravened section 137 of the SFA which requires a substantial shareholder of a listed corporation to notify the listed corporation of a cessation in the substantial shareholder’s interest within two business days after becoming aware of the cessation of interest. On 25 April 2014, PCL paid a composition amount of $2,500 in respect of the breach.

2          PCL was late in notifying Beng Kuang Marine Limited [“BKM”] of the cessation of its interest in BKM which took place on 30 December 2013. 

Substantial shareholders are required to notify the listed corporation 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