I am writing in response to your article “SGX issues compliance order to Catalist-listed RHT over potential conflicts of interest” published on The Business Times on 23 January 2020. I wish to clarify that RHT Capital is a private limited company and is not listed on the Singapore Exchange (SGX) and that RHT Corporate Advisory is not part of the RHT Group of Companies. In.Corp Global has acquired RHT Corporate Advisory in May 2019. (Source: Business Times article dated 2 May 2019, https://www.businesstimes.com.sg/banking-finance/rht-holdings-sells-corporate-advisory-unit-to-incorp). We have written to SGX to clarify this relationship.
With regard to the notice of compliance from SGX and RHT Capital’s independence, RHT Capital will be responding to SGX and we welcome this opportunity to elucidate our independence as a sponsor of Catalist-listed companies. As a Catalist sponsor, RHT Capital does not influence in any way the listed companies which it sponsors with regards to the selection and appointment of service providers of these listed companies, as long as such service providers are suitable, competent and have the relevant track record.
RHT Capital is a separate legal entity and is at all times separately and independently managed by its own board of directors and management team. RHT Capital would like to reaffirm that it has always adhered strictly to its compliance procedures in the discharge of its duties and in dealing with any actual or potential conflict of interest. We welcome SGX RegCo’s effort in ensuring and promoting good corporate governance in listed companies, Catalist sponsors and other stakeholders in the equity market. RHT Capital, playing the role as a Catalist sponsor, is committed to adhere to the regulations set out in the SGX Catalist Rules.