Capital Markets, Listed Entities & M&A

Provisional Measures to Assist Issuers Amid COVID-19

To support issuers listed on the SGX-ST Mainboard during this COVID-19 situation, on 8 April 2020, the Singapore Exchange Regulation (in consultation with the Monetary Authority of Singapore) issued a press release announcing two provisional measures:

• Enhanced Share Issue Limit: Allowing an issuer to seek a general mandate for an issue of pro-rata shares and convertible securities of up to 100% of its share capital, increasing it from the current 50% limit; and
• Suspension of Entry into Financial Watch-List: Suspending half-yearly reviews on the first market days of June 2020 and December 2020 to place an issuer on the Singapore Exchange Limited financial watch-list.

This Update discusses the two provisional measures together with some practical notes.