SGX rejects Nutryfarm's 90m yuan acquisition amid concerns over foreign ownership workaround

Singapore

THE Singapore Exchange has rejected Nutryfarm International's 90 million Chinese yuan (S$18 million) acquisition of a 45 per cent stake in tech company First Linkage over concerns about a contractual workaround to address foreign ownership restrictions.

In a regulatory filing on Sunday, Nutryfarm said that the market regulator highlighted considerations related to the significance of the business conducted through the workaround, and the legality of the business or ownership structures used to comply with foreign ownership restrictions.