Company: EGG
Filing Date: 2025-03-04
Form Type: DRS/A
Source: 0001493152-25-008991
Chunk: 15

Company: ENIGMATIG LTD
Filing Date: 2025-03-04
Form: DRS/A
Chunk 15
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 tangential to the company’s business and is undertaken only incidentally to the provision of other services, where the company does not hold itself out to be carrying on such transaction in its normal course of business, may not require a capital markets services license even if the transaction is a significant undertaking and the company stands to make a sizeable profit, there can be no assurance that the Singapore courts will reach a similar conclusion in relation to Enigmatig Singapore’s particular circumstances.

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In Fiscal 2021 Enigmatig Singapore engaged in no such transactions. In Fiscal 2022 Enigmatig Singapore entered into a contract for a transaction relating to shares of a company incorporated in Belize, or the Belize transaction, and a contract for a transaction relating to shares of a company incorporated in the United Kingdom, or the UK transaction, for which we received an aggregate income of US$1,080,465, constituting 39.0% of our corporate services income for the year. However, the aforementioned transactions were only incidental to Enigmatig Singapore’s core business, and we do not view them as sufficing to constitute activities with system or continuity, being undertaken on a one-off basis for existing clients of Enigmatig Singapore’s corporate secretarial business division, who approach Enigmatig Singapore for assistance as an incident of their existing relationship. Enigmatig Singapore has since ceased to entertain similar requests from other persons. Enigmatig Singapore has ceased its business relationship with the Belize company following the completion of the Belize transaction, and has taken steps to divest itself of any outstanding rights or obligations under the UK transaction. Further, we have also reviewed Enigmatig Singapore’s corporate literature with a view to ensuring compliance with the SFA.

While we have taken certain steps to make it less likely that such incidents of non-compliance will recur with regard to this regulation and others in Singapore and other jurisdictions, including ceasing to facilitate any disposal of securities by our clients, and reviewing our website and any corporate materials for references to regulated activities, we cannot assure you that no incidents of non-compliance will occur in the future. We typically carry out operations through third-party service providers, such as lawyers and other agents, to leverage their expertise and to mitigate our own exposure to regulatory non-compliance in various jurisdictions. While we try to identify and use only reputable third-party service providers, there can be no assurance that reliance on such service providers will exclude any potential liability or sanctions.

Changes in capital markets, M&A activity, legal or regulatory requirements, general economic