No immediate alert on higher stake in unit

In another case, the SGX took action against a company for failing to make immediate announcements of its acquisition of shares that resulted in an increase in its shareholding in a subsidiary.

The company disclosed in its annual report that it had increased its shareholding in a subsidiary through several acquisitions during the year.

However, it failed to announce the changes to its shareholding in the subsidiary on SGXNet.

SGX investigations revealed the breach was due to administrative lapses, where the company's staff were unaware of such requirements.

To prevent the recurrence of such breaches, the company conducted briefings to educate its staff on its continuing obligations under the listing manual.

A version of this article appeared in the print edition of The Straits Times on December 22, 2015, with the headline 'No immediate alert on higher stake in unit'. Print Edition | Subscribe