Gov't identifies 9 designated entities under the Significant Investments Act

The entities include ST Logistics and ST Engineering Marine.

The Minister for Trade and Industry (MTI) has identified the “designated entities” or companies crucial to Singapore’s national security under the Significant Investments Review Act 2024.

The designated entities include ST Logistics, Sembcorp Specialised Construction, ST Engineering Marine, ST Engineering Land Systems, ST Engineering Defence Aviation Services, ST Engineering Digital Systems, ExxonMobil Asia Pacific, Shell Singapore, and Singapore Refining Company Private Limited.

As designated entities, the nine companies must perform enhanced due diligence on potential investors, particularly those acquiring a stake of 12% or more.

Under the legislation, designated entities must also do a check on their potential investors’ associates.