MAS IMPOSES COMPOSITION AMOUNT OF $5,000 ON AMSTEEL CORPORATION BERHAD FOR LATE NOTIFICATION TO THE SINGAPORE EXCHANGE SECURITIES TRADING LIMITED ["SGX-ST"] OF CHANGE IN SUBSTANTIAL SHAREHOLDINGS

1       On 26 January 2010, Amsteel Corporation Berhad ["Amsteel"] 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       Amsteel was late in notifying SGX-ST of its deemed shareholding change in Lion Asiapac Limited ["Lion Asiapac"] which took place on 28 November 2008.  Amsteel was also late in notifying Lion Asiapac of its deemed shareholding change.  As a result, Lion Asiapac was 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.