Price-sensitive info on fund-raising exercises may have been leaked
By Channel NewsAsia's Timothy Ouyang | Posted: 11 March 2009 2210 hrs
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SINGAPORE: The Singapore Exchange (SGX) has said price-sensitive information on recent fund-raising exercises may have been leaked before they were announced by the issuers.
SGX did not give any names in its statement on Wednesday and when contacted by Channel NewsAsia, it declined to identify those involved.
But it said it expects issuers and professionals engaging in fund-raising exercises to maintain the strictest confidence when it comes to price-sensitive information. And it warned that it takes a serious view of such breaches of the listing rules.
With the global slowdown, a growing number of companies have been raising funds. Many of them desperately need the cash to shore up their capital base.
Earlier this week, the market was abuzz with talk of upcoming rights issues.
Chartered Semiconductor was forced to ask for a trading halt in its shares on Monday. It confirmed later that night that it was planning to raise US$300 million through a rights issue.
Talk of a rights issue also surrounded Neptune Orient Lines, with reports saying it was aiming for as much as US$250 million.
- CNA/ir
By Channel NewsAsia's Timothy Ouyang | Posted: 11 March 2009 2210 hrs
Photos 1 of 1
SINGAPORE: The Singapore Exchange (SGX) has said price-sensitive information on recent fund-raising exercises may have been leaked before they were announced by the issuers.
SGX did not give any names in its statement on Wednesday and when contacted by Channel NewsAsia, it declined to identify those involved.
But it said it expects issuers and professionals engaging in fund-raising exercises to maintain the strictest confidence when it comes to price-sensitive information. And it warned that it takes a serious view of such breaches of the listing rules.
With the global slowdown, a growing number of companies have been raising funds. Many of them desperately need the cash to shore up their capital base.
Earlier this week, the market was abuzz with talk of upcoming rights issues.
Chartered Semiconductor was forced to ask for a trading halt in its shares on Monday. It confirmed later that night that it was planning to raise US$300 million through a rights issue.
Talk of a rights issue also surrounded Neptune Orient Lines, with reports saying it was aiming for as much as US$250 million.
- CNA/ir
