Press Statement: Transfer of Mr Kenneth Yap, Chief Executive of ACRA
Date: 06 February 2017

SIAS notes with some sadness that Mr Kenneth Yap is relinquishing his appointment as Chief Executive of ACRA to return to the legal service. In recent years, SIAS has had a close and collaborative relationship with ACRA, especially with Mr Kenneth Yap, who was keen on protecting the interest of minority shareholders and was particularly interested in improving the governance standards in companies. He has been instrumental in improving the quality of financial information of companies which has enormously benefited the investors. His collaborative approach in launching joint initiatives was refreshing. One such collaboration with SIAS and ISCA is the current work to develop a guide on the Enhanced Auditor Reporting standards for investors.

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SIAS calls on Fincantieri to revise offer for VARD and engage minority shareholders
Date: 26 January 2017
Untitled Document

SIAS has received concerns from minority shareholders of VARD regarding the offer by Fincantieri for VARD. Fincantieri, the Italian state owned ship builder, the current majority shareholder of VARD, with 55.63% of the shares at the time of the offer, has made an offer of $0.24 per share.

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Press Statement: Sabana REIT
Date: 25 January 2017
Untitled Document

SIAS notes the shareholder activism efforts by some unitholders of Sabana REIT to seek accountability from the REIT manager for alleged poor performance. Unlike in a normal listed company, where shareholders, with a majority, can vote out and vote a new board in, REIT managers are Capital Markets Services (CMS) Licence holders.

Unitholders need to take note that and any new manager will have to be a CMS license holder and will also need to comply with regulations governing REITs in Singapore. If an existing REIT manager is appointed they would still need to seek approval from MAS to also manager Sabana REIT. There is also the requirement that the REIT has a manager at all times.

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SIAS appoints Mr Magnus Böcker as Honorary Chairman
Date: 24 January 2017
Untitled Document

SIAS is pleased to announce the appointment of Mr Magnus Böcker as its 4th Honorary Chairman with effect from 1 February 2017. Our 3rd Honorary Chairman, Mrs Lim Hwee Hua is stepping down, after having served 3 years. We are grateful to Mrs Lim for being our Honorary Chairman during whose term, SIAS became a Charity and an Institution of Public Character. The Management Committee is indeed grateful for her keen interest in SIAS, guidance and leadership provided to us during her tenure as Chairman.

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Press Statement: Guidance for China New Town Development Shareholders
Date: 11 January 2017
Untitled Document

China New Town Development is the next dual listed S-Chip, currently listed on both Singapore Exchange (SGX) and the Stock Exchange of Hong Kong (SEHK), to seek delisting from SGX. Since 2013, there has been a total of 3 such companies (with dual listings on SGX and SEHK) to delist from SGX. The delisting is not a privatisation exercise and the company intends to maintain its primary listing on the Main Board of the SEHK and has made arrangement for the shares to be transferred from Singapore to Hong Kong for trading. The rationale is that a single listing helps to consolidate the trading of shares, broaden shareholder base, enhance the attractiveness of the company as an investment target. Further, SEHK is also geographically more aligned with the company’s PRC-based business operations and core business competencies, and provide savings in compliance costs and management resources for compliance with the listing rules and regulations of only one exchange which also reduces constraints in operational flexibility.

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