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New regulations for listed companies are moving toward protecting the interests of minority shareholders and leveling the competition for all parties.
Singapore Exchange Regulation (SGX RegCo) proposes to ban proposers and parties in favor of voluntary delisting, and to lower approval standards at 75% with a simple majority of independent shareholders.
The proposed change also includes the abolition of the 10% block clause, which means that cancellation can not proceed if people holding more than 10% of the total shares issued are opposed.
Tan Boon Gin, chief executive officer of SGX RegCo, said in a briefing that episodes related to Vard Holdings emphasized "constraints" on existing safety devices.
Fincantieri Oil & Gas, the controlling shareholder of Vard Holdings, has been able to vote on proposals despite the opposition of small investors and the offensive against the opposition through the delisting of shipyards.
SGX RegCo plans to propose termination with voluntary delisting, but independent financial advisors must insist that the proposal meets both criteria.
Listing rules now require a reasonable termination proposal, but do not require fairness.
SGX RegCo is seeking public comments on the changes and will be closed on December 7.
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