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Sias, SGX’s testing of IFA verdict in privatisation of Global Palm Resources a positive development

Besides having to ensure their work stands up to scrutiny, IFAs may also have to come up with more convincing ways of assessing similar deals

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Ben Paul

Ben Paul

Published Mon, May 15, 2023 · 05:50 AM
    • Sias' questions about Golden Palm Resources' privatisation offer have triggered queries by SGX.
    • Sias' questions about Golden Palm Resources' privatisation offer have triggered queries by SGX. PHOTO: BT FILE

    DeeperDive is a beta AI feature. Refer to full articles for the facts.

    THE Securities Investors Association (Singapore) or Sias sparked questions this past week about whether the independent financial adviser (IFA) appointed to assess the privatisation offer for Global Palm Resources was right to have declared the deal to be “fair and reasonable”.

    The scrutiny ought to be welcomed by all participants in the Singapore market. The opinion of an appointed IFA should neither be just another checkbox to tick in a privatisation offer, nor an unassailable justification for these deals.

    It is also crucial that IFAs are not seen to be controlled or influenced by the boards of companies that appoint them.

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    BT CorrespondentsPrivatisationSIASSGXPalm oil

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