News & Updates

May 2015

SGX warns Xpress Holdings, ex-CEO over rule violations

Phipps Jonathan acted for a creditor in an action to reclaim monies owed by the debtor.

Printing firm Xpress Holdings and its former chief executive have been warned by the Singapore Exchange (SGX) over breaching a listing rule.

Xpress defied a rule that requires a company to immediately disclose winding-up applications filed against it or its subsidiaries.

SGX said Xpress delayed for more than two weeks before disclosing that two such applications had been lodged against it and its Xpress Print unit.

Winding-up occurs when a company’s assets are seized and sold so the proceeds can be used to pay down debt. Any funds left are distributed among the firm’s owners before it is dissolved. Xpress founder Fong Kah Kuen, better known as K. K. Fong, was also warned over his involvement in the rule breach.

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