The Business Times
business-time-50
MARK TO MARKET
·
SUBSCRIBERS

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

    Longest-serving chief minister Taib Mahmud’s legacy looms large over Sarawak as a family feud over his estate threatens to expose skeleton’s in the eastern state’s political closet.

    On the board but frozen out: The Taib family feud tearing Sarawak construction giant apart

    Thailand’s target is to export seven million tonnes of rice globally in 2026, but the Middle East war has turned the world topsy-turvy with supply disruptions, high oil prices and economic uncertainty.

    Thai and Vietnamese farmers may stop planting rice because of the Iran war. Here’s why

    Senior Minister of State for Digital Development and Information Tan Kiat How said the government is working with partners who have access to Anthropic's Mythos to understand its capabilities.

    MAS convenes bank CEOs over AI cyberthreats; boards told to own risks, not leave to IT teams

    Electric vehicles and the changed dynamics of mainstream and luxury car segments mean Certificates of Entitlement should not be used to classify cars.

    Is it time to scrap COE categories for cars? 

    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