SGX directs Rex International to appoint independent reviewer for Moroxite T acquisition

The bourse served a notice of compliance to Rex International.

Rex International was required by SGX to designate an independent professional for a thorough review of the acquisition of the Moroxite T. 

“To review circumstances surrounding the Acquisition, and the completion of Acquisition before the Company’s entry into the Addendum, and whether the Company has conducted proper due diligence in relation to the Acquisition,” read the bourse filing.

SGX also wanted to find out in the review whether the “Acquisition was completed, at the point in time when the terms of the Original Agreement required the Acquisition to be subject to shareholders’ Singapore Exchange Regulation Pte. Ltd. approval, taking into consideration the transfer of the shares in Moroxite T from MA.”

The reviewer will report directly to SGX RegCo and its appointment cannot be terminated without consent from the regulatory board.

If there is a failure to comply with the requirements imposed by SGX RegCo, there will be a contravention of the Listing Rules.

“SGX RegCo reserves the right to take disciplinary action against the Company and/or any Relevant Person(s) for breaches of the Listing Rules, including any failure to comply with the requirements imposed by SGX RegCo,” said SGX.