Legal Updates for May 2024 SGX RegCo Consults on Proposed Changes to Listing Rules to Facilitate Shareholder-Requisitioned Meetings
On 23 April 2024, the Singapore Exchange Regulation ("SGX RegCo") issued a Consultation Paper on "Facilitating Shareholder-Requisitioned Meetings" to seek feedback on its proposed changes to the SGX-ST Listing Rules (Mainboard) and SGX-ST Listing Rules (Catalist) (collectively, "Listing Rules").
These changes relate to where shareholders ("Requisitionists") of issuers listed on the SGX-ST ("issuers") have requisitioned a general meeting ("Shareholder-Requisitioned Meetings"). Within 21 days of deposit of the requisition notice, issuers are to:
- commence facilitative efforts as soon as practicable; or
- (where they dispute the validity of the requisition notice) apply for a court ruling.
All comments should be provided to SGX RegCo by 23 May 2024.
This Update provides a brief summary of the proposed changes to the Listing Rules.
Defective Solar Panels: Singapore High Court Provides Guidance on How Unpleaded Claims and Abandoned Claims May Affect Pleadings
In DGE v DGF [2024] SGHC 107, the claimant DGE advanced eight grounds for setting aside an arbitral award in the defendant DGF's favour, that the photovoltaic modules (solar panels) supplied by DGE were inherently defective. The High Court ("Court") dismissed each of these grounds in declining to set aside the award.
This article deals with interesting questions that the Court considered – (i) whether the tribunal's raising of an unpleaded issue on the first day of the hearing made it a live issue, and (ii) whether a party's change in its legal position underlying an abandoned claim was a matter requiring pleading or amendments to pleadings.
The defendant was successfully represented by Partner Lai Yew Fei, Partner Tao Tao, and Associate Brendan Tan Zi Jian of Rajah & Tann Singapore.
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Topline Competition: Notifying a Merger in Singapore – When and What are the Triggers?
Topline Competition: Merger notifications in Singapore are necessary where thresholds are close to being or are crossed. A failure to notify can result in investigations and if a substantial lessening of competition (“SLC”) is found, penalties and remedies can be imposed. The Competition and Consumer Commission of Singapore (“CCCS”) regularly does review transactions occurring to ascertain if notification in Singapore ought to be made as well. CCCS has the power to issue remedies, including interim measures where potential mergers are still being negotiated, and mandate notification as part of the remedies, failing which the merger will be prohibited from being implemented. This brief note is a topline reminder to businesses, and provides basic information on thresholds and steps to take.
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