Considering the FLT-FCOT merger holistically

THE consolidation in the S-Reits market that began two years ago looks set to continue in 2020, with two proposed mergers already announced. The proposed merger of Frasers Logistics & Industrial Trust (FLT) and Frasers Commercial Trust (FCOT) will be the first to be voted on this year.

Covid-19: Important that retail investors do not panic

THE Covid-19 virus outbreak has complicated an investment scenario that was already difficult to read. On the one hand, there was some cause for optimism after the US and China signed a Phase One trade deal in mid-January, even though many observers very quickly came to the conclusion that the...

Building trust through proper continuous disclosure

WHEN the Singapore Exchange (SGX) relaxed its rules for quarterly reporting in January, it simultaneously said it was strengthening its continuous disclosure requirements.

Why we should all be active investors

ONE of the topics in October's World Investor Week's public seminars, at which the Securities Investors Association (Singapore), or Sias, was a participant, was "Active versus Passive'' Investing.

COMMENTARY

Enhancing protection for minorities during times of corporate distress

SECTION 211B of the Singapore Companies Act was amended in 2017 as part of a major overhaul of Singapore's corporate restructuring and insolvency laws in order to make it easier for companies, especially those with creditors from around the world, to be rescued and rehabilitated. The move was...

SIAS 10TH CORPORATE GOVERNANCE WEEK 2019

Engage with stakeholders in distressed times

ALTHOUGH volatility is a daily fact of life in financial markets, it would be fair to say that the past six months or so have been particularly difficult for investors. On top of the political upheaval that is Brexit and an offshore marine sector that has yet to recover from a devastating...

COMMENTARY

SGX's new delisting measures: Crucial that intent and disclosures are clear

FOR far too long, Sias has lamented the predicament of minority shareholders' helplessness in delisting offers. The tyranny of the majority prevailed. Compounding the issue was the IFA's (independent financial adviser) opinion of an offer being "unfair but reasonable", resulting in confusion...

COMMENTARY

Hyflux saga: Judicial management not the panacea for company's restructuring

IT is almost exactly one year since water treatment firm Hyflux applied for a moratorium while it sought to restructure its finances. A crucial part of that restructuring process involved finding a suitable "white knight" investor who could inject much-needed cash into a business that although...

COMMENTARY

Can the Hyflux restructuring be resurrected?

IT was hugely disappointing to learn last week that troubled water treatment firm Hyflux Ltd has terminated its agreement with SMI, the only white knight that has emerged over the past year with funds to help Hyflux. Ever since SMI announced its S$530 million rescue package last October, Sias...