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

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.