Ayondo's disregard of SGX order: What now?

WHEN Ayondo came to the market as the maiden pure-play fintech for the Singapore Exchange's (SGX) Catalist platform, it was a debutante draped in a sparkling assortment of accolades as a financial services provider, trading platform and broker.

But a year after its initial public offering (IPO), the European social trading broker has not only failed to live up to its hype, it has also shown an indifference, verging on outright defiance, to Singapore Exchange Regulation (SGX RegCo) and the listing rules.

On May 7, Ayondo proceeded with an agreement to sell its 99.91 per cent-owned subsidiary, Ayondo Markets Limited (AML), to Netherlands-registered BUX Holdings for £5.7 million (S$10.2 million).

This is despite SGX RegCo ordering Ayondo, in a Notice of Compliance on April 16, to meet various conditions first before the sale could proceed. (see amendment note)…