MAS IMPOSES COMPOSITION AMOUNT OF $3,500 ON ATLANTIS INVESTMENT MANAGEMENT LTD FOR LATE NOTIFICATION TO THE SINGAPORE EXCHANGE SECURITIES TRADING LIMITED ["SGX-ST"] OF CHANGES IN SUBSTANTIAL SHAREHOLDINGS

1     On 12 August 2009, Atlantis Investment Management Ltd ["Atlantis"] paid a composition amount of $3,500 for contravening section 137 of the Securities and Futures Act ["SFA"] which requires substantial shareholders of listed companies to notify the securities exchange of a change in shareholdings.

2     Atlantis was late in notifying SGX-ST of its direct and deemed shareholding changes in Innovalues Precision Limited ["IPL"] which took place on 23 April 2007, 4 May 2009 and 5 May 2009.  Atlantis was also late in notifying IPL of its direct and deemed shareholding changes.  As a result, IPL was unable to disseminate the information to the market as required under Rule 704(3) of the SGX Listing Manual.

3     Atlantis had previously accepted an offer of composition made by the Authority in 2005 for contraventions of section 137 of the SFA.

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.