Printing firm Xpress Holdings and its former chief executive have been warned by the Singapore Exchange (SGX) over breaching a listing rule.
Xpress defied a rule that requires a company to immediately disclose winding-up applications filed against it or its subsidiaries.
SGX said Xpress delayed for more than two weeks before disclosing that two such applications had been lodged against it and its Xpress Print unit.
Winding-up occurs when a company's assets are seized and sold so the proceeds can be used to pay down debt. Any funds left are distributed among the firm's owners before it is dissolved. Xpress founder Fong Kah Kuen, better known as K. K. Fong, was also warned over his involvement in the rule breach.
SGX yesterday said its investigations found that Xpress received an application by a creditor on July 3 last year but waited until July 23 to disclose it.
The creditor was demanding payment of about $400,000 in overdue rent.
Xpress did the same with a second winding-up application over a debt of about $1.2 million that was lodged against Xpress Print last July 8. This was also not disclosed until July 23.
The exchange said Mr Fong, who was chief executive then, had informed the board of directors of the notices only on or around last July 16.
"Listed companies should make sure they are familiar with all listing rules and comply with them," said SGX. The listing rules also state that the firm should request a trading halt if it is unable to make an immediate announcement on such notices, so information can be given to investors before trading resumes.
But Xpress only requested a halt on July 22 last year, much later than required.
Mr Fong said that during the period, he tried to resolve issues from the winding-up applications, which he felt were "frivolous" or "legally flawed". He was concerned that an immediate announcement would present an "unbalanced picture of the company's state of affairs".
Mr Fong gave up his role as executive chairman and chief executive last September.
This article was first published on May 22, 2015.
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