SGX RegCo lauded for regulatory efforts, but more needs to be done

SINGAPORE (Dec 27): It has been a busy year for the Singapore Exchange Regulation. SGX RegCo introduced several regulatory reforms, some of which have been implemented, while others are under review or at the feedback stage.

One of the reforms in place pertains to SGX’s delisting rules. Exit offers in conjunction with voluntary delistings now must not only be “reasonable” but also “fair”. The offeror and parties acting in concert with the offeror must also abstain from voting on the voluntary delisting resolution. While the approval threshold was maintained at 75% of total number of shares held by independent shareholders present and voting, the 10% block was removed. These changes have given better protection to minority shareholders.

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