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SGX RegCo’s resolution with Stamford Land spotlights rules on allotment of rights shares

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Ben Paul

Ben Paul

Published Thu, Dec 21, 2023 · 05:00 AM
    • SGX RegCo reached a resolution with Stamford Land that will see the company's controlling shareholders make a S$2 million donation to the SGX Investor Education Fund
    • SGX RegCo reached a resolution with Stamford Land that will see the company's controlling shareholders make a S$2 million donation to the SGX Investor Education Fund PHOTO: BT FILE

    SHOULD a public-listed company ever be allowed to allot excess rights shares to its directors or controlling shareholders without first satisfying all applications from minority shareholders?

    The listing manual seems clear enough. Rule 877(10) states that directors and substantial shareholders should rank last in the allocation of rights shares.

    Singapore Exchange Regulation (SGX RegCo) also recently took Stamford Land to task for violating this rule in a rights issue announced in 2021.

    Hock Lock Siewstamford landrights issueSGXMarket regulation

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