Following SGX’s discussions with Westcomb on the assessment, Westcomb has agreed to take the opportunity to make improvements to its internal processes and due diligence standards, and have these independently reviewed. Until the completion of this exercise, which is expected to take up to three months, Westcomb will not submit new IPO applications or be mandated for IPO engagements. SGX will continue to process those IPO applications that have already been submitted by Westcomb.
As issue managers and professional advisors play a critical role in upholding the standards of disclosure and maintaining the integrity of our market, SGX continually monitors their performance. The measures taken by Westcomb will help to improve confidence in Westcomb as an issue manager.
