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THE Singapore Exchange (SGX) is pressing ahead with a revamp of its listing rules to make them more market-friendly, after consulting with the investing public.
The changes, which take effect from Dec 3, come six months after they were first mooted in a public consultation paper by the SGX.
They should add 'clarity and promote accountability of listed companies', said SGX's senior executive vice-president, Yeo Lian Sim, in a statement yesterday.
The changes include:
cutting trading halt requirement from one hour to 30 minutes for listed firms;
allowing a cash-shell company to trade with safeguards;
during a takeover, SGX will no longer suspend trading of a listed firm once the public float falls below 10 per cent, due to investors accepting the offer. Instead, the stock will be allowed to trade until the close of the offer;
change of auditors to be accompanied by confirmation from outgoing auditors whether they are aware of any professional reasons why new auditors should not accept appointment; and
making the granting of employee stock options more transparent and accountable.
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