To help support listed issuers and their fund-raising efforts amid the challenging business and economic climate due to the COVID-19 pandemic, Singapore Exchange Regulation (“SGX RegCo”), in consultation with the Monetary Authority of Singapore, announced on 8 April 2020 (please refer to our previous update here) a temporary increase in the upper limit for pro rata issue of shares and convertible securities under a general mandate pursuant to Mainboard Rule 806(2) from 50% to 100% (based on the issuer’s total number of issued shares, excluding treasury shares and subsidiary holdings) (“Enhanced Share Issue Limit”), subject to certain conditions. This measure was stated to be in force until 31 December 2021.
On 16 March 2021, SGX RegCo announced the extension of the availability of the Enhanced Share Issue Limit for Mainboard issuers. With this extension, Mainboard issuers will now have up to 31 December 2021 to seek or renew a general mandate for the Enhanced Share Issue Limit.
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 deal with or any of the following Partners:
Annabelle YIP
Joint Head – Corporate Governance & Compliance
d +65 6416 8249
e annabelle.yip@wongpartnership.com
Click here to see Annabelle’s CV.
Vivien YUI
Partner – Corporate Governance & Compliance
d +65 6416 8009
e vivien.yui@wongpartnership.com
Click here to see Vivien’s CV.
Kevin HO
Deputy Head – Corporate Governance & Compliance
d +65 6416 2555
e kevin.ho@wongpartnership.com
Click here to see Kevin’s CV.
Gail ONG
Head – Equity Capital Markets
d +65 6416 8205
e gail.ong@wongpartnership.com
Click here to see Gail’s CV.
Karen YEOH
Partner – Equity Capital Markets
d +65 6416 2482
e karen.yeoh@wongpartnership.com
Click here to see Karen’s CV.