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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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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