Announcement in Relation to Regulatory Actions by SGX and/or Other Authorities ::Trading of China Sky shares will resume after company's Board complies with SGX conditions

Issuer & Securities

Issuer/ Manager
CHINA SKY CHEMICAL FIBRE CO., LTD.
Securities
CHINA SKY CHEM FIBRE CO., LTD. - KYG211051043 - E90
Stapled Security
No

Announcement Details

Announcement Title
Announcement in Relation to Regulatory Actions by SGX and/or Other Authorities
Date &Time of Broadcast
12-Feb-2015 16:15:40
Status
New
Announcement Sub Title
Trading of China Sky shares will resume after company's Board complies with SGX conditions
Announcement Reference
SG150212OTHRUOEF
Submitted By (Co./ Ind. Name)
Lorraine Chay
Designation
Vice President
Description (Please provide a detailed description of the event in the box below)
SGX will permit trading in China Sky Chemical Fibre Co., Ltd (China Sky or the Company) shares to resume once the Company complies with conditions imposed by SGX. The Monetary Authority of Singapore and former China Sky CEO, Huang Zhong Xuan (Mr Huang), have reached a civil settlement for Mr Huang's contraventions under the Securities and Futures Act. As part of a civil settlement, Mr Huang will pay a civil penalty and will make an offer to China Sky to surrender 10% of his shareholding in the Company. The surrender would increase the net asset value per share for existing China Sky shareholders. Mr Huang will not hold a director or management position in a SGX-listed entity for a period of 3 years.

Attachments

20150212_SGXRegulatory_Announcement_China_Sky.pdf
Total size =297K

DISCLAIMER: This announcement was prepared and issued by the named Issuer/ Manager to the Exchange. The Exchange assumes no responsibility for the correctness of any of the statements made, opinions expressed or reports contained in this announcement and is posting this announcement on SGXNet for the sole purpose of dissemination only. In the event of any queries or clarification required in respect of any matters arising from this announcement, such queries are to be made to the named Issuer/ Manager directly and not to the Exchange. The Exchange shall not be liable for any losses or damages howsoever arising as a result of the circulation, publication and dissemination of this announcement.