SGX raps Xpress Holdings for breaching disclosure rules
Its ex-CEO was also warned.
Singapore Exchange has warned Xpress Holdings and its ex-CEO Fong Kah Kuen for not making immediate disclosure of two winding-up applications filed against the company and its subsidiary.
SGX’s investigations found that Xpress announced on 23 July 2014 a winding-up application against it by a creditor, which was received on 3 July 2014.
Xpress concurrently announced a second winding-up application, against its subsidiary which was received on 8 July 2014.
In both cases, the announcement was made more than two weeks after the receipt of the respective notices by the management of Xpress.