MAS IMPOSES COMPOSITION AMOUNT OF $5,000.00 ON MR TONG YU FOR LATE NOTIFICATION TO THE SINGAPORE EXCHANGE SECURITIES TRADING LIMITED ["SGX-ST"] OF CHANGE IN SUBSTANTIAL SHAREHOLDINGS

1       On 14 October 2009, Mr Tong Yu paid a composition amount of $5,000.00 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 Tong Yu was late in notifying SGX-ST of his deemed shareholding change in Sunmart Holdings Limited ["SHL"] which took place on 31 March 2008.  Mr Tong Yu was also late in notifying SHL of his 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.