On 4 June 2014, the Singapore Exchange Limited (the "SGX") issued a Consultation Paper proposing a new secondary listings framework for the Mainboard of the Singapore Exchange Securities Trading Limited (the "SGX-ST").

Under the proposed new framework, an applicant with a primary listing in one of the 23 Developed Markets prescribed in the Consultation Paper will be secondary listed on the SGX-ST without being subject to the continuing listing obligations of the SGX relating to interested person transactions, acquisitions and realisations and delisting (collectively, the "Chapters 9, 10 and 13 requirements"). An applicant with a primary listing in other jurisdictions (referred to as Developing Markets) will be subject to a full review by the SGX of the home exchange's legal and regulatory requirements, in particular in relation to shareholder protection and corporate governance standards, and may be required to comply with the Chapters 9, 10 and 13 requirements.

The SGX targets to implement the new secondary listings framework from the fourth quarter of 2014. Transitional arrangements for issuers currently secondary listed on the SGX are also proposed in the Consultation Paper. The consultation period ended on 25 June 2014.

Please click on the links below for the Consultation Paper and the SGX press release related to this development which is available on the SGX website www.sgx.com: