MAS IMPOSES COMPOSITION AMOUNT OF $2,500 ON MR KEITARO OKADA FOR LATE NOTIFICATION TO THE SINGAPORE EXCHANGE SECURITIES TRADING LIMITED ["SGX-ST"] OF CHANGE IN SUBSTANTIAL SHAREHOLDINGS
1 On 30 September 2009, Mr Keitaro Okada ["Mr Okada"] 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 Mr Okada was late in notifying SGX-ST of his deemed shareholding change in Unidux Electronics Ltd ["Unidux"] which took place on 27 June 2008. Mr Okada was also late in notifying Unidux of his deemed shareholding change. As a result, Unidux 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.
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