SGX announced the MTP requirement for Mainboard-listed issuers on Aug 1, 2014. The requirement, which was implemented in March 2015, meant that an issuer’s volume weighted average price (VWAP) over a six-month period cannot fall below 20 cents. Any issuer that failed to comply with the MTP faced the possibility of delisting.
The State Courts have sentenced Tan Kheng Yeow, the former CEO and executive director of KTL Global (SGX:EB7
) to eight months’ imprisonment. Tan was sentenced on Jan 23 after pleading guilty to one charge under section 197(1)(a) of the Securities and Futures Act (SFA).
According to the joint statement by the Monetary Authority of Singapore (MAS) and the Singapore Police Force (SPF), Tan had conspired with Tang Boon Hai to create a “false or misleading appearance” of active trading in KTL’s shares amid concerns that the company was unable to meet the minimum trading price (MTP) requirement imposed by the Singapore Exchange (SGX:S68) .
