Generic disclosures ascribed to Covid-19 not good enough: SGX RegCo

Singapore

ISSUERS should avoid generic statements that they expect their financial results to be materially impacted due to Covid-19 without providing detailed assessment on how their operations would be affected, Tan Boon Gin, chief executive of the Singapore Exchange Regulation (SGX RegCo), said.

In his latest regulator's column, Mr Tan reminded issuers that reliance on broad-stroke explanations pinned on a decline in general economic activity to explain away their outlook would be "deemed inadequate and of little utility to their shareholders".