SGX RegCo Continues to Suspend Half-Yearly Review Until 1 June 2023

Singapore Exchange Regulation (SGX RegCo) in consultation with the Monetary Authority of Singapore (MAS) will continue to suspend its half-yearly review to place issuers on the Financial Watch-List until 1 June 2023.

SGX RegCo typically reviews on a half-yearly basis, on the first market days of June and December, listed issuers for their compliance with the watch-list requirements. Listing Rule 1311 requires an issuer to be placed on the watch-list if it records pre-tax losses for the 3 most recently completed consecutive financial years (based on audited full year consolidated accounts) and an average daily market capitalisation of less than S$40 million over the last 6 months.

To enable issuers to focus on meeting the business and economic challenges and dealing with any resultant liquidity crunch arising from the adverse effects of the COVID-19 pandemic on business operations, SGX RegCo had provisionally suspended the half-yearly watch-list reviews in June 2020 and December 2020. A further announcement was made on 21 May 2021 to also include the suspension of the half-yearly watch-list reviews in June 2021 and December 2021.

"As multiple sectors of the economy are only beginning to stabilize from the effects of the Covid-19 pandemic and many restrictions were relaxed just recently in 2022, we intend to allow all issuers a full financial year to operate under normal business conditions and recover from the challenges presented by the Covid-19 pandemic. SGX RegCo will re-commence our half-yearly watch-list review only from 1 June 2023,"SGX RegCo said.

Companies which meet the exit criteria under the listing rules will continue to be able to exit the Watch-List.