General Announcement::News Release: SGX proposes to enhance continuous disclosure rules

Issuer & Securities

Issuer/ Manager
SINGAPORE EXCHANGE LIMITED
Securities
SINGAPORE EXCHANGE LIMITED - SG1J26887955 - S68
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
07-Dec-2017 17:10:49
Status
New
Announcement Sub Title
News Release: SGX proposes to enhance continuous disclosure rules
Announcement Reference
SG171207OTHRXBA9
Submitted By (Co./ Ind. Name)
Jo-Ann
Designation
Senior Associate
Description (Please provide a detailed description of the event in the box below)
Singapore Exchange (SGX) is proposing to recalibrate disclosure requirements under the Listing Rules for areas of concern to both the market and the exchange.

The proposed changes are as follows:

1. Secondary fund-raising
- Additional upfront and prominent disclosure of the discount, ratio and other principal terms for rights issues.
- A directors' statement on why the rights issue is in the best interest of the issuer and their basis for forming such a view including justification for any discount.
- Additional disclosure of the use of proceeds and intended use of unutilised amount if a rights issue takes place within a year of another fund-raising.
- To announce specific usage of funds when disbursed if they were earmarked for "general working capital purposes" during the fund-raising exercise.

2. Interested Person Transactions
- Interested Person Transactions below S$100,000 are no longer exempted from announcements or shareholder vote.
- Additional disclosure on the nature of the relationship with the interested person.
- Identify the relevant director, CEO or controlling shareholder of the issuer who will be covered by the IPT mandate.

3. Significant transactions and loans
- Additional disclosures for loans that are not part of the issuer's ordinary course of business.
- Explanation on why no valuation was done for an acquisition or disposal of assets that is a major transaction except if the transaction involved shares.
- Appointment of a competent and independent valuer for significant asset disposals.

"We are proposing to recalibrate the disclosure regime using a risk-based approach following extensive engagements with investors, companies, and other stakeholders. The additional disclosures we are proposing address key areas of concern of the market and the exchange," said Tan Boon Gin, CEO of Singapore Exchange Regulation.

The public can submit feedback on the proposed Listing Rule changes till 12 January 2018. Full details of the public consultation including the questions SGX posed are found here.

If adopted, SGX expects to implement the Listing Rule changes in 2018.

Attachments

20171207_SGX_proposes_to_enhance_continuous_disclosure_rules.pdf
Total size =293K