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 among minority shareholders how an offer could be unfair and yet reasonable.

The Singapore Exchange's regulatory arm SGX RegCo is to be commended for acting at last to address an injustice that existed with regard to privatisation-cum-delisting offers.

In less than a year after shipyard operator Vard Holdings was controversially delisted, SGX RegCo last month amended the rules to prohibit offerors and parties acting in concert from voting in such deals, t…