Possible Breach of Disclosure Rules for Listed Companies by Cord Blood Banking Firm for Issues Related to Irregular Storage Temperatures

Ms Hany Soh asked the Prime Minister whether MAS is investigating possible breaches of disclosure requirements by a listed cord blood banking company for not making any relevant disclosures or announcements on issues related to storage temperatures of its cord blood unit storage tanks or audits by the Ministry of Health prior to 30 November 2023.

Under the Securities and Futures Act 2001 (SFA) and the Singapore Exchange's (SGX's) listing rules, a listed company and its directors must ensure timely disclosure of information that may materially affect the price or value of its listed securities. Failure to do so is a breach under the SFA if it is committed intentionally, recklessly or negligently.

Where there is suspected non-disclosure of material information, SGX Regulation (SGX RegCo) will pose queries to the company concerned, review the matter and refer potential breaches of the SFA to the Monetary Authority of Singapore (MAS). In the case of Cordlife Group Limited (Cordlife), SGX RegCo posed queries to the company on 6 December 2023 after two announcements were made by the company disclosing developments impacting its business operations. The company's responses were published on 10 December 2023. SGX RegCo is currently reviewing the information it has received from Cordlife. It will then make an assessment of any potential breach of the SFA and follow-up with MAS, as appropriate.