On 11 July 2019, the Singapore Exchange Regulation ("SGX RegCo") announced changes to two aspects of the voluntary delisting rules (namely, the voluntary delisting resolution and the exit alternative ("Exit Offer")), which came into effect immediately. Changes were also made to the SGX-ST Listing Rules (MainBoard) and SGX-ST Listing Rules (Catalist) (together, “Listing Rules”) to clarify the applicability of the voluntary delisting rules to voluntary liquidations, schemes of arrangement and general offers.
These changes were made after a public consultation pursuant to the Consultation Paper on Proposed Amendments to Voluntary Delisting Regime issued by the SGX RegCo on 9 November 2018 (our earlier update on the Consultation Paper can be accessed here). Whilst the changes were effective immediately, if an offeror had announced its firm intention to make an offer (as opposed to an announcement that talks are taking place which may lead to an offer) prior to the implementation of the changes, the Listing Rules in effect prior to the implementation will apply instead.
This update provides a brief summary of the key/salient points to the changes that have been effected. SGX RegCo’s response to comments on the Consultation Paper can be found on SGX's website here.
If you would like information on this or any other area of law, you may wish to contact the partner at WongPartnership that you normally work with or the following partners:
Andrew ANG
Head – Corporate/Mergers & Acquisitions Practice
d +65 6416 8007
e andrew.ang@wongpartnership.com
Click here to see Andrew’s CV.
CHAN Sing Yee
Partner – Corporate/Mergers & Acquisitions Practice
d +65 6416 8018
e singyee.chan@wongpartnership.com
Click here to see Sing Yee’s CV.
Audrey CHNG
Partner – Corporate/Mergers & Acquisitions Practice
d +65 6416 2427
e audrey.chng@wongpartnership.com
Click here to see Audrey's CV.