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| Singapore central bank leaves door open for New Century IPO |
| 03-SEP-2010 | Reuters |
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| 3 Sep, 2010 - 7:00:00 AM |
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Singapore's central bank said on Wednesday it had censured China's New Century Shipbuilding for inaccuracies in its IPO prospectus, but indicated it would not stop the company from making a listing application in future.
New Century withdrew its $560 million Singapore initial public offering in May after a complaint the company left out critical information in its prospectus.
Two sources familiar with the deal had confirmed a report in the Singapore Business Times in May that said the Chinese shipbuilder failed to disclose an ongoing legal dispute with a customer that had cancelled an order for two bulk carriers. [ID:nSGE644028]
The IPO, managed by Morgan Stanley and UBS , would have been Singapore's largest so far this year.
"MAS confirms that a supervisory warning has been issued to New Century Shipbuilding and its executive directors," a spokeswoman from the Monetary Authority of Singapore said.
"A company that has been issued a supervisory warning would be required to disclose details of the breach and warning in its prospectus should it decide to make an offer of securities in Singapore," she added.
MAS said supervisory warnings were normally not published and were "intended to put an offender on notice so that the contravention will not be repeated".
http://malaysia.news.yahoo.com/rtrs/20100901/tap-newcentury-c3bb44c.html
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