- Who is affected
- Directors and management of SGX-listed issuers, and their sponsors and advisers.
Summary
New Changes to the SGX-ST’s Voluntary Delisting Regime For the first half of 2019, there were 11 delistings 1 seen in the Singapore market which is the same number of delistings 1 in the first half of 2018. In November 2018, the Singapore Exchange Regulation (“SGX RegCo”) launched a public consultation to seek feedback on the amendments of the SGX-ST’s listing rules on its voluntary delisting rules for listed companies (“Voluntary Delisting Regime”). Subsequent to the consultation, on 11 July 2019, SGX RegCo announced changes to the two following aspects of its Voluntary Delisting Regime with immediate effect: (i)
The Voluntary Delisting Resolution The resolution to delist the issuer has been approved by majority of at least 75% of the total number of issued shares held by independent shareholders (i.e. excluding the shares held by the offeror and parties acting in concert with it) present and voting.
This update is a summary of publicly available regulatory guidance prepared by SAC Capital Private Limited for general information. It is not legal advice. Issuers should refer to the SGX Listing Rules and consult their sponsor or legal adviser.