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Last Done 11.850
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Lack of disclosure by Aspen and Enviro-Hub disadvantaged their minority investors

16 Jun 2021 09:00

By Ben Paul

TWO small Singapore-listed companies trying to make it big in Malaysia's booming glove-making industry have drawn regulatory scrutiny over the last few weeks - one for announcing a big commercial win prematurely, and the other for disclosing a significant business milestone belatedly.

In the latter case, recycling group Enviro-Hub Holdings said on June 7 that its Malaysian associate company Pastel Glove had received "510 (k)" regulatory clearance from the US Food and Drug Administration (FDA) for its nitrile medical grade examination gloves on May 13.

When queried by Singapore Exchange Regulation (SGX RegCo) about the time gap between its announcement and its notification from the US FDA , Enviro-Hub explained that it held back the announcement until it was able to verify that its clearance status was reflected on the FDA database.

The company added this was to "avoid prematurely announcing the Section 510(k) clearance and risk announcing misleading information inadvertently".

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Source: Business Times

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