With effect from 3 March 2014, issuers listed on the Mainboard or Catalist of Singapore Exchange Securities Trading Limited (the “SGX-ST”) must observe the following new requirements:

  • An issuer must notify Singapore Exchange Limited (the “SGX ”) of discussions or negotiations that its board of directors (the “Board”) is aware of and which is likely to result in the takeover of, reverse takeover of or a very substantial acquisition by that issuer;
  • When its Board is aware of discussions or negotiations that is likely to result in the takeover of, reverse takeover of or a very substantial acquisition by the issuer, the issuer must maintain a list of persons privy to such transactions; and
  • Members of the Board must collectively and individually take responsibility for the accuracy of the issuer’s replies to queries by the SGX on unusual trading activity concerning its securities.

These changes were introduced following a joint review by the SGX and the Monetary Authority of Singapore (the “MAS”) aimed at enhancing the SGX’s regulatory tools to monitor and query listed issuers on unusual trading activities.

Reference materials

The following materials are available from the SGX website www.sgx.com:

Listing Rules of the Mainboard of the SGX-ST

Listing Rules of Catalist of the SGX-ST