Straits Times Index - Singapore Stock Live Updates

SGX Takes Unprecedented Move Against China Sky

The Singapore Exchange (SGX) has resorted to applying for a court order to enforce its directive on a defiant S-chip company, China Sky Chemical Fibre (China Sky). China Sky missed a 5 January deadline to appoint special auditors to investigate transactions between the company and a former independent director as well as a failed land acquisition in China. SGX said on 6 January that it has applied to the High Court for a court order to enforce its directive. SGX has also applied to the High Court for China Sky and its directors to comply with listing rules to appoint at least two independent directors resident in Singapore and to obtain SGX approval for the appointments. Supporting SGX’s unprecedented move, the Monetary Authority of Singapore pointed out that the Securities and Futures Act empowers the exchange to apply for a court order to enforce compliance with its listing rules.

Singapore Market News

Most emerging Asian currencies slid against the euro on short-covering on Monday as the single currency was seen oversold versus some of the regional units.Asian currencies also came under pressure against the firming dollar on renewed concerns about the euro zone debt

crisis.

Emerging Asian currencies are expected to remain weak as the debt crisis drags on and weighs on global growth, but they could claw back some ground against the euro, dealers and analysts said. 

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