Regulatory Actions By SGX::Queries by SGX RegCo on matters pertaining to the Company's operations in Myanmar
Issuer & Securities
EMERGING TOWNS & CITIES SINGAPORE LTD.
EMERGING TOWNS&CITIES SING LTD - SG1DD5000009 - 1C0
Regulatory Actions By SGX
Date &Time of Broadcast
Announcement Sub Title
Queries by SGX RegCo on matters pertaining to the Company's operations in Myanmar
Submitted By (Co./ Ind. Name)
Singapore Exchange Regulation
Description (Please provide a detailed description of the event in the box below)
We refer to a report on Emerging Towns & Cities Singapore Ltd ("ETC" or the "Company") dated 25 February 2021, titled " SGX-listed firm contributes millions for Myanmar army, financing international crimes" ("Report"). The Report is published on this webpage - "https://www.justiceformyanmar.org/stories/singapore-stock-exchange-listed-real-estate-firm-contributes-millions-for-myanmar-army".
The Exchange raised the following queries with ETC's continuing sponsor, RHT Capital on 25 February 2021. Please provide your responses to these queries in an announcement to be released via SGXNet by Monday, 1 March 2021. In your announcement, please disclose our queries and your corresponding responses to enable investors to understand the matters raised.
1. With reference to the Report, please provide the Company's and the Sponsor's comments on the Report, in particular, we require clarity on the issues raised in the Report.
2. Please elaborate on the past fund raising efforts of the Company and explain how the placees / investors were introduced to the Company.
3. Please provide a status update and details of the Golden City project in Myanmar.
4. Please provide a status update on the placement exercise which was announced by the Company on 13 Jan 2021. Such proposed placement and any other fund raising activities should be put on hold until there is clarity on the issues raised in the Report.
5. Please note that a company listed on the SGX must demonstrate that it is suitable for listing not only at the time of seeking a listing but also on an continuing basis thereafter. We draw your attention to Catalist Rule 225 read with paragraph 8 of Practice Note 2B.
- Para 8(a) requires a sponsor to assess a listing applicant to be suitable for listing and suitable for continued listing.
- Para 8(b) states that entities that may be involved in or connected with any money laundering , terrorist financing, or other illicit activities should not be listed.
Can the board of ETC and the Sponsor confirm that ETC complied with all Rules, Laws and Regulations and remains suitable to be listed?