Media Releases
Published Date: 29 June 2021

Further Extension of Temporary Measure to Allow for Electronic Dissemination of Rights Issue and Take-over Documents

Singapore, 29 June 2021... The Monetary Authority of Singapore (MAS), the Securities Industry Council (SIC) and the Singapore Exchange Regulation (SGX RegCo) wish to announce that listed issuers and parties involved in rights issues and take-over or merger transactions will continue to have the option to electronically disseminate Offer Documents through publication on SGXNET and their corporate websites, beyond 30 June 2021. The temporary measure will be in place until revoked or amended by MAS, SIC and SGX RegCo. To provide certainty to listed issuers and relevant parties, at least six months’ advance notice will be given before the temporary measure ceases to be available.

2 With the extension, rights issues and take-over or merger transactions can proceed within prevailing safe management measures, effectively reducing physical interaction at workplaces needed to prepare, print and deliver a large number of Offer Documents amid the COVID-19 situation. This extension is aligned to the extension of the alternative meeting arrangements under the COVID-19 (Temporary Measures) Act 2020.

3 Under the temporary measure[footnote group="1"]The temporary measure is effected through the Securities and Futures (Offers of Investments) (Temporary Exemption from Sections 277(1)(c) and 305B(1)(b)) Regulations 2020 by MAS for rights issues and the adoption of alternative arrangements (106.1 KB) by the SIC for takeover and merger transactions. SGX Listing Rules (i.e. Part IV of Chapter 12) which require delivery of physical documents relating to rights issues and take-over offers to shareholders will also not be applicable during this period. The temporary measure was first introduced on 6 May 2020, and was to last until 30 September 2020. On 29 September 2020, the temporary measure was extended for another 9 months, until 30 June 2021. [/footnote], issuers and parties who opt to disseminate their Offer Documents electronically must send a hardcopy notification to shareholders with instructions on how they can access the electronic version of the Offer Documents. They must also send the hardcopy application or acceptance forms to shareholders. These requirements will ensure that all shareholders continue to be informed of these significant corporate actions by mail during this time and are able to participate in the corporate actions. In addition, we strongly encourage parties undertaking rights issues or take-over or merger transactions to allow shareholders to apply and pay for the subscription of rights issues, accept offers and inspect documents through the internet[footnote group="2"]Details on these internet channels may be set out in the hardcopy notification provided to shareholders.[/footnote]. Shareholders are encouraged to use the internet channels where these are available.

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