MAS IMPOSES COMPOSITION AMOUNT OF $2,500 ON DUBAI VENTURES GROUP LTD FOR LATE NOTIFICATION TO THE SINGAPORE EXCHANGE SECURITIES TRADING LIMITED ["SGX-ST"] OF CHANGES IN SUBSTANTIAL SHAREHOLDINGS

1     On 11 August 2009, Dubai Ventures Group Ltd ["DVGL"] paid a composition amount of $2,500 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     DVGL was late in notifying SGX-ST of its deemed shareholding changes in Sing Holdings Ltd ["SHL"] and China Enersave Ltd ["CEL"] which took place on 28 April 2008 and 2 January 2009 respectively.  DVGL was also late in notifying SHL and CEL of its deemed shareholding changes.  As a result, SHL and CEL were unable to disseminate the information to the market as required under Rule 704(3) of the SGX Listing Manual.

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.