A S$5 million value pegged to PropNex Realty’s business takeover agreement with Dennis Wee Realty (DWR) last year in the IPO prospectus lodged by PropNex has raised the eyebrows of many observers, who keenly recall the transaction was previously said to have no dollar value. There was also the concern over the difference between the unaudited revenue and profit given by PropNex to the press last year for the fiscal year 2016 and the audited figures disclosed in the IPO prospectus. These perceived discrepancies in disclosures were raised by some industry rivals and members of the public following PropNex’s lodgment of its IPO prospectus last Thurs. Robson Lee, a partner at Gibson Dunn, said that while the IPO prospectus is a legal document, “at the time of the press conference, PropNex and DWG were not listed. So, there is no legal responsibilities, perhaps only reputational risk.” Some observers also took issue with the differences in disclosures of PropNex’s revenue and profit for the fiscal year 2016.... Continue Reading