Issuers listed on the SGX-ST Mainboard and Catalist and parties involved in rights issues and take-over or merger transactions will continue to have the option to disseminate an electronic version of the relevant offer documents through publication on SGXNET and their corporate websites, beyond 30 June 2021, until revoked or amended by the Monetary Authority of Singapore, the Securities Industry Council and the Singapore Exchange Regulation (with at least six months’ prior notice of any such cessation).
The Singapore Securities and Futures Act requires an offer of securities, securities-based derivatives contracts or units in collective investment schemes listed on the SGX-ST (whether by means of a rights issue or otherwise) to be made in or accompanied by an offer information statement. The SGX-ST Mainboard Listing Rules and Catalist Listing Rules require hard copies of the notices and documents relating to rights issues of listed issuers to be despatched. In addition, the Singapore Code on Take-overs and Mergers requires hardcopy take-over or merger documents to be posted.
The temporary measures and/or exemption allowing electronic dissemination of relevant offer documents were introduced to overcome the challenges to the mass production of hard copy rights issue and take-over or merger documents amid the control measures put in place to deal with the COVID-19 pandemic. They were first introduced on 6 May 2020, and were last extended to 30 June 2021.
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