Company Briefs: Sinomem Technology

Sinomem Technology

The Monetary Authority of Singapore (MAS) has taken civil penalty action against Mr Pu Weidong and Triumpus Assets Management for insider trading in the shares of Chinese water-treatment firm Sinomem Technology.

Mr Pu was the chief financial officer of Sinomem when the contraventions took place, the MAS said yesterday. He is also the sole director and shareholder of Triumpus.

Mr Pu and Triumpus purchased 4.605 million Sinomem shares from March 2 to March 27, 2009. Mr Pu had confidential price-sensitive information about a proposed share buyback offer by Sinomem, which was subsequently announced on March 27, 2009.

They made a profit of $49,542 on these insider trades.

Between Aug 25 and Aug 31 in that same year, Mr Pu and Triumpus sold 14.174 million Sinomem shares while Mr Pu possessed knowledge of confidential, price-sensitive information on a proposed placement of shares by Sinomem.

Information on the proposed share placement was subsequently announced on Sept 9. However, they did not make any profit or avoid any loss on these trades.

The MAS commenced a civil penalty action on Feb 26 last year against Mr Pu and Triumpus for insider trading in Sinomem's shares under the Securities and Futures Act.

They have admitted to contravening the Act, and will pay to the MAS a civil penalty of $316,000, as well as $61,610.75 for the legal costs and disbursements incurred by the MAS for the civil penalty action.

Mr Pu has also given a voluntary undertaking not to be a company director or be involved in the management of a company for a period of one year with effect from July 3, 2016.

Sim Lian Group

Sim Lian will launch about 200,000 sq ft of office space for lease across the top eight floors at Vision Exchange in the Jurong Lake District.

Vision Exchange is a 25-storey development in Venture Avenue, with two levels of food and beverage spaces and medical suites.

The development is expected to obtain its Temporary Occupation Permit in the first quarter of next year.

The 18th to 25th floors will cater to tenants seeking large office spaces, with the minimum subdivision available starting at 2,000 sq ft.

A version of this article appeared in the print edition of The Straits Times on May 04, 2016, with the headline 'Company Briefs'. Print Edition | Subscribe