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Singapore Exchange (SGX) notes that China Sky Fibre Chemical Limited (the “Company”) has announced the special audit findings made by Stone Forest Corporate Advisory Pte Ltd (“Stone Forest”) on 20 June 2013. We are encouraged that the Company is taking steps and making progress towards compliance with listing rule requirements. Shareholders and investors will now be able to better assess the true state of affairs of the Company, in view of the special audit findings that noted, amongst others, erroneous disclosure made in the past. In a market-driven, disclosure-based regime like Singapore’s, it is critical for listed companies to disseminate accurate and complete information in a timely manner.
We also look forward to further actions by the Company to rectify the various issues identified pertaining to lapses in corporate governance, internal controls and disclosure so as to comply with the listing rule requirements. It is also important for statutory auditors to be appointed to review the Company’s financial statements for FY2011 and FY2012 to present up-to-date information to the market.
We will be reviewing the findings by Stone Forest and where listing rule breaches have occurred, and we will take appropriate enforcement actions. SGX will continue to work with the relevant regulatory authorities where the findings point to possible breaches of the law.
