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

1       On 20 January 2010, Dr Chen May ["Dr Chen"] 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       Dr Chen failed to notify SGX-ST of her deemed shareholding change in Powermatic Data Systems Ltd ["PDSL"] which took place on 23 March 2009.  Dr Chen was also late in notifying PDSL of her deemed shareholding change.  As a result, PDSL 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.