The Business Times
business-time-50
MARK TO MARKET

Delisting plans by Golden Energy, Boustead Projects a test of SGX’s rules, stated views

SGX’s letter to Golden Energy is a template of sorts for proactively responding to unsatisfactory delisting proposals

google-preferred-sourceAdd BT as a preferred source
Ben Paul

Ben Paul

Published Mon, Mar 13, 2023 · 05:50 AM
    • SGX should devise a strategy to manage companies that attempt to slip away from the public market without properly compensating minority investors
    • SGX should devise a strategy to manage companies that attempt to slip away from the public market without properly compensating minority investors PHOTO: BT FILE

    THIS column highlighted three weeks ago questions raised by a shareholder of Golden Energy and Resources (Gear) about the manner in which the company’s appointed independent financial adviser (IFA) had been asked to opine on its proposed break-up and delisting.

    Four days later, the Singapore Exchange (SGX) read the riot act to Gear’s board and appointed advisers. In a letter dated Feb 24, SGX reminded the company to ensure its IFA’s opinion states specifically whether the “all cash” consideration of S$0.846 is fair and reasonable.

    SGX also instructed Gear to ensure its IFA – a firm called W Capital Markets – takes into account material changes to the traded price of its component assets. This appears to be a reference to the soaring market value of Australia-listed Stanmore Resources, in which Gear holds a 64 per cent stake.

    BT CorrespondentsGolden Energy & Resboustead projectsSGXM&APrivatisation

    TRENDING NOW

    In hiring for AI-fluent users, companies will do well to better define and test applicants on their capacity for human oversight.

    Employers want AI-fluent employees. Hiring them is the challenge

    Philippine’s Maharlika support for Petron through a credit facility shows the sovereign fund’s role in the nation’s energy security.

    Early payout from Philippines’ Maharlika Investment Fund raises eyebrows over its true nature

    SpaceX's US$75 billion initial public offering was more than four times oversubscribed. 

    SpaceX, Unitree, Anthropic, OpenAI: Is the ultra-hyped tech-listing wave backed by sound fundamentals?

    In 2027, the combined maximum incentives for EV cars will be lowered to S$20,000 from S$30,000 currently.

    Changes to EV incentives, uncertainty over COE framework drive Category A premium to a new high in ‘re-run of 2025 mania’

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More