In remarks to the media at the sidelines of the Ministry of Trade and Industry’s annual economic dialogue on 28 August 2023, Mr Gan Kim Yong, Minister for Trade and Industry indicated that Singapore is exploring “new tools” to “manage significant investments into critical entities”, which comes as Singapore faces “significant challenges” in the global economy. Investments in entities operating in regulated sectors in Singapore (e.g., telecommunications, broadcasting, energy and financial services) are currently already subject to review by sectoral regulators. As such, the reference to “critical entities” in the Minister’s remarks could point to similar tools being put in place to review investments in entities engaged in critical activities which are not currently subject to sectoral regulation. While further details have yet to be provided, it is an opportune reminder of the tools that other governments have put in place to screen investments in sectors deemed significant from a national interest or security perspective. This note sets out some recent developments on this front which would be of interest to businesses that are or may be involved in cross-border M&A transactions.
If you would like information and/or assistance on the above or any other area of law, you may wish to contact the Partner at WongPartnership whom you normally work with or any of the following Partners:
Ameera ASHRAF
Head – Antitrust & Competition
d +65 6416 8113
e ameera.ashraf@wongpartnership.com
Click here to view Ameera’s CV.
CHAN Jia Hui
Partner – Antitrust & Competition
d +65 6416 2794
e jiahui.chan@wongpartnership.com
Click here to view Jia Hui’s CV.