MAS IMPOSES COMPOSITION AMOUNT OF $2,500 ON DUBAI VENTURES GROUP LLC FOR FAILING TO NOTIFY THE SINGAPORE EXCHANGE SECURITIES TRADING LIMITED ["SGX-ST"] OF CHANGE IN SUBSTANTIAL SHAREHOLDINGS

1       On 27 October 2009, Dubai Ventures Group LLC ["DVG"] 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       DVG failed to notify SGX-ST of its deemed shareholding change in Sing Holdings Ltd ["SHL"] which took place on 5 November 2008.  DVG also failed to notify SHL of its deemed shareholding change. As a result, SHL 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.