MAS, SIC, SGX RegCo permit e-sharing of rights issues and take-over files

This will go on until 30 September.

The Monetary Authority of Singapore (MAS), the Securities Industry Council (SIC) and the Singapore Exchange Regulation (SGX RegCo) have rolled out temporary measures to allow listed issuers and parties involved in rights issues and take-over or merger transactions the option to electronically disseminate offer documents through SGXNET and their corporate websites.

This has been implemented with immediate effect until 30 September.

In a joint release, MAS, SIC and SGXRegCo said that the temporary measures will reduce the manpower needed to be physically present at workplaces to prepare, print and deliver a large number of documents. They noted that the number of printers and mailing houses permitted to operate and their manpower will continue to be restricted.

Under the temporary measures, issuers and parties who opt to disseminate their offer documents electronically must send a hardcopy notification to shareholders, with instructions on how they can access the electronic version files. They are also required to send the hardcopy application or acceptance forms to shareholders.

“We also strongly encourage parties undertaking rights issues or take-over or merger transactions to allow shareholders to apply and pay for the subscription of rights issues, accept offers and inspect documents through the internet,” the release stated.