SINGAPORE — The operator of Singapore's stock market, the Singapore Exchange (SGX) Group, is reviewing SPH Media’s circulation information, following news that the organisation inflated the circulation numbers of some of its publications by 10 to 12 per cent.
Separately, an investor watchdog here said that if there has been any deliberate act to mislead the market, there would be no let up and appropriate action should be taken by the authorities.
Strict rules relate to the timely release of material information so that investors can make informed decisions about buying shares. The deliberate release of inaccurate information that has a material impact on a company's share price is also covered by such laws. The period of review covered the period from September 2020 to March 2022. SPH Media was still part of the listed company SPH for the portion of the review period from September 2020 to November 2021.on Monday that daily circulation numbers of its titles have been found to be inflated by between 85,000 and 95,000, including instances where copies were printed, counted for circulation and then destroyed.
Prof Mak added that this raises questions as to what extent SPH Media management and board have put in proper controls in the company, and whether deeper investigation should be done by regulatory authorities. This also raises questions around internal and external auditing, Prof Mak added, such as whether revenue tallied with number of circulation, and whether auditing of these numbers were properly done.
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