Virtus Assure Conducted Interested Person Transaction Compliance Review

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Our client, listed on the SGX Mainboard, has obtained shareholders’ mandate and implemented procedures to manage Interested Person Transactions (“IPTs”) in compliance with SGX Rules Chapter 9 IPTs.

Virtus Assure conducted a thorough review of their IPT management processes, including both the mandated and non-mandated IPTs and procedures. Our review focused on the following key areas:

  • Identification of Interested Persons (“IP”)
  • Updating and Maintaining the IP List
  • Approval Process for IPTs
  • Disclosure of IPTs
  • IPT Register and Documentation

We assessed the adequacy and effectiveness of these IPT procedures, with particular attention to the potential risks to both the subsidiary and the holding company involved in the IPTs. Our review identified areas where enhancements were necessary to ensure compliance with Listing Rules and the IPT mandate, and to safeguard against conflicts of interest.

Based on our review results, we recommended several key improvements to strengthen the IPT procedures. Our client accepted and implemented these recommendations, which included updating and maintaining the IP list, refining the approval process, enhancing record-keeping practices, and improving the training and awareness of key personnel involved in managing IPTs.

With these enhancements, our Client has aligned more effectively with SGX Rules Chapter 9 and the IPT mandate, reducing potential risks to both the subsidiary and the holding company.

 

For more information, please contact us at:

Phone: +65 6332 4649

Email: services@virtusassure.com