MAS IMPOSES A COMPOSITION AMOUNT OF $7,500 ON EDBV MANAGEMENT PTE LTD FOR FAILING TO NOTIFY THE SECURITIES EXCHANGE TRADING LIMITED ["SGX-ST"] OF CHANGES IN SUBSTANTIAL SHAREHOLDINGS

1 On 20 Apr 2006, EDBV Management Pte Ltd ["EDBVM"] paid a composition amount of $7,500 for breaching section 137 of the Securities and Futures Act, which requires substantial shareholders to notify the securities exchange of a change in shareholdings. 

2 During the period 1 Apr 2003 to 12 Aug 2004, EDBVM failed to notify SGX-ST on three separate occasions of its direct shareholding changes in Advanced Systems Automation Limited ["ASA"] and Accord Customer Care Solutions Limited ["ACCS"].  EDBVM also failed to notify the respective companies of its direct shareholding changes.  As a result, ASA and ACCS were unable to disseminate the information to the market as required under Rule 704(3) of the SGX Listing Manual.

3 MAS also issued warnings to EDB Investments Pte Ltd, Economic Development Board, Fullerton Fund Investments Pte Ltd, Seletar Fund Investments Pte Ltd and Temasek Holdings (Private) Limited on 24 Jul 2006 as these parties each had a deemed interest in the ACCS shares held by EDBVM and had failed to notify SGX-ST of the change in their deemed substantial shareholding interest in ACCS.  MAS took into consideration that these parties had taken active steps to report the change in their deemed interests as soon as they were notified by EDBVM.

Substantial shareholders should 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.