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SGX slaps Aspen, group CEO Murly and executive directors with public reprimand for the breach of SGX's listing rules

Felicia Tan
·2-min read

The breach in listing rules was in relation to Aspen's MSA with Honeywell International.

Singapore Exchange (SGX) has publicly reprimanded Aspen (Group) Holdings for its breach of the listing rules, Mainboard Rules 703 and 719(1) in relation to its disclosure of its master supply agreement (MSA) with Honeywell International.

On Aug 26, SGX rebuked the group for releasing an announcement on SGXNET, disclosing that one of the group’s subsidiaries had entered into an MSA with Honeywell International, which was “non-factual, false and misleading”.

Aspen had, at the time, also failed to “promptly disclose” the non-consummation of the MSA by Honeywell. In addition, the group did not promptly reveal that negotiations with Honeywell on the MSA had been officially terminated.

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These were considered material information known to the company which was necessary to avoid the establishment of a false market in the company’s securities.

Aspen was also reprimanded for its failure to have in place adequate and effective systems of internal controls and risk

On April 13, 2021, Aspen announced that it entered into the MSA with Honeywell International for a consideration of US$210 million ($281.64 million). The group then retracted its statement on April 25. It subsequently confirmed that the US$210 million glove deal was off in June 2021.

In the same statement, SGX issued a public reprimand against Aspen’s group CEO Dato’ Murly Manokharan, as well as the group’s executive directors Dato’ Seri Nazir Ariff Bin Mushir Ariff and Ir. Anilarasu Amaranazan for causing the company to flout the rules mentioned.

On Aug 12, Aspen guided that it is expected to report a consolidated net loss for the FY2022 ended June 30.

The expected loss is mainly attributable to the group’s healthcare sector, where its subsidiary, Aspen Glove has “since significantly scaled down its operations”, which the group announced on June 8.

Aspen’s results will be released on or before Aug 29.

As at 1.34pm, shares in Aspen are trading 0.4 cent lower or 7.84% down at 4.7 cents.

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