SGX RegCo Sets Three-Year Deadline for Suspended Issuers to Resolve Issues

Singapore Exchange Regulation (SGX RegCo) will require issuers with suspended shares to resolve substantive underlying concerns within three years. The move aims to keep trading halts to a minimum and provide greater certainty on delisting timelines.

This approach reinforces market discipline, provides clearer investor expectations, and underscores the regulator's commitment to a fair and orderly market. The directive accompanies SGX RegCo's latest report on issuers suspended for 12 months or more, following a policy change in October 2025.

As of 31 December 2025, there were 39 long-suspended issuers. Among them, 16 are exploring a resumption of trading, 5 are in court-supervised restructuring, 10 are in liquidation, and 8 have been served delisting notices. In the latter half of 2025, one company resumed trading and two were delisted, while three were added to the list, leaving the total unchanged.

"Public markets serve to facilitate price discovery and liquidity. A trading suspension undermines this fundamental principle," said Tan Boon Gin, CEO of SGX RegCo. "We have narrowed the range of situations for suspension and expect issuers to step up restructuring efforts to avoid prolonged halts."

Data indicates issuers with a high likelihood of a positive outcome can achieve resolution within three years, such as through creditor settlements or operational restructurings. "As the Singapore market goes through a phase of value unlocking, it is important that these issuers and their advisers are part of that journey," Tan added.

SGX RegCo will scrutinize resumption proposals, evaluating progress, plan certainty, and shareholder interests. Issuers suspended for over three years must demonstrate substantive restructuring progress and concrete plans to resume trading. The regulator will delist issuers if plans lack sufficient urgency.