- Who is affected
- Directors and management of SGX-listed issuers, and their sponsors and advisers.
Summary
Enhancements to Continuous Disclosures In December 2017, SGX issued a consultation on “Enhancements to Continuous Disclosures” to seek feedback on proposed amendments to the Catalist Rules, to enhance disclosures in relation to rights issue fund-raising, interested person transactions, provision of significant financial assistance to third parties as well as significant disposals of assets, alongside other amendments to provide more clarity on the application of the Catalist Rules. Subsequently, SGX had, in January 2020, released the amendments to the Catalist Rules, which will take effect from 7 February 2020. For the avoidance of doubt, this Regulatory Update is prepared based on the amendments to the Catalist Rules. All references to the chapters and rules are made, unless otherwise stated, in accordance to the Catalist Rules. DEFINITIONS, CHAPTER 4 AND CHAPTER 7 – CONTINUING OBLIGATIONS Revised “principal subsidiary” has been amended to include discontinued operations that have not been disposed
“principal subsidiary” a subsidiary whose latest audited consolidated pre-tax profits (including discontinued operations that have not been disposed and excluding the non-controlling interest relating to that subsidiary) as compared with the latest audited consolidated pre-tax profits of the group (including discontinued operations that have not been disposed and excluding the non-controlling interest relating to that subsidiary) accounts for 20% or more of such pre-tax profits of the group.
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.