MAS IMPOSES COMPOSITION AMOUNT OF $2,500 ON TAN SRI CHENG HENG JEM FOR LATE NOTIFICATION TO THE SINGAPORE EXCHANGE SECURITIES TRADING LIMITED ["SGX-ST"] OF CHANGE IN SUBSTANTIAL SHAREHOLDINGS

1       On 26 January 2010, Tan Sri Cheng Heng Jem ["TSCHJ"] 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       TSCHJ was late in notifying SGX-ST of his deemed shareholding change in Lion Asiapac Limited ["Lion Asiapac"] which took place on 27 February 2009.  TSCHJ was also late in notifying Lion Asiapac of his 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.