MAS IMPOSES COMPOSITION AMOUNT OF $500 ON MOON CAPITAL MANAGEMENT LP FOR FAILING TO NOTIFY THE SINGAPORE EXCHANGE SECURITIES TRADING LIMITED ["SGX-ST"] OF CHANGES IN SUBSTANTIAL SHAREHOLDINGS WITHIN STIPULATED TIMEFRAME

1       On 26 February 2010, Moon Capital Management LP ["MCM"] paid a composition amount of $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       MCM was late in notifying SGX-ST of its deemed shareholding changes in Hongguo Intl Holdings Limited ["Hongguo"] which took place on 5 October 2009 and 27 October 2009.  MCM was also late in notifying Hongguo of its deemed shareholding changes.  As a result, Hongguo was unable to disseminate the information to the market as required under Rule 704(3) of the SGX Listing Manual.

3       MCM was previously warned by the Authority in October 2009 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.