MAS IMPOSES COMPOSITION AMOUNT OF $5,000 ON GAINWELL ASSETS LIMITED FOR FAILING TO NOTIFY THE SINGAPORE EXCHANGE SECURITIES TRADING LIMITED ["SGX-ST"] OF CHANGES IN SUBSTANTIAL SHAREHOLDINGS

1 On 19 June 2009, Gainwell Assets Limited ["Gainwell"] paid a composition amount of $5,000 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 On 30 October 2007, Gainwell failed to notify SGX-ST of its deemed shareholding changes in Cyber Village Holdings Limited ["CVHL"].  Gainwell also failed to notify CVHL of its deemed shareholding changes.  As a result, CVHL was unable to disseminate the information to the market as required under Rule 704(3) of the SGX Listing Manual.

3 Gainwell had previously accepted an offer of composition made by the Authority in 2005 for a contravention 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.