Press Releases

Press Statement – SIAS calls on Sakae to improve internal controls and implement internal audit reporting to AC

Highlights concerns in its review of Sakae 2020 annual report SIAS is seriously concerned about the erroneous accounting entries and internal control weaknesses in Sakae Holdings. The recent announcement by SGX Regco dated 12 May 2021, calls for Sakae Holdings Limited...

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Press Statement – SGX Consults On SPACS Listing Framework

The Consult paper on SPACS Listing framework is now  and open for discussion. In recent years the interest in SPACS in US market has been exponential and within the first three months of this year alone SPACS...

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Press Statement – Jardine Strategic – independent shareholders can invoke their rights to object to the offer

Independent minority shareholders of Jardine Strategic Holdings have raised concerns about their holdings in Jardine Strategic following the announcement of the acquisition and amalgamation by Jardine Matheson. They contend that the offer price of US$33 per share Jardine...

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Letter to GuocoLeisure Holdings Limited – Appeal on behalf of minority shareholders of GL Limited

The Board of Directors GuocoLeisure Holdings Ltd c/o DBS Strategic Advisory Institutional Banking Group Dear Sirs, RE: Appeal on behalf of minority shareholders of GL Limited Shareholders of GL Limited, have reached out to SIAS, highlighting their concern that the current offer price of...

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Press Statement – Hope for Hyflux P&Ps with improved terms from SGI

As announced by Hyflux on 13 November 2020, SGI issued a non-binding and conditional term-sheet proposing various terms for Hyflux’s creditors.  In SGI’s term-sheet, P&P holders are offered a cash consideration of S$41 million (which represents a 4% recovery) and...

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Press Statement – SGI’s expression of interest to Hyflux

SIAS refers to the latest announcement by Hyflux regarding the expression of interest (EOI) by Strategic Growth Investments LLC (SGI). The EOI provides for a total of $32m in cash for PnPs and a 10% equity stake in the form...

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Press Statement – COVID-19 Relief Measures: Refinements to Alternative Arrangements for Meetings

With reference to the Press Release by Ministry of Law on COVID-19 Relief Measures: Refinements to Alternative Arrangements for Meetings dated 29 September 2020 - https://www.mlaw.gov.sg/news/press-releases/refinements-to-alternative-arrangements-for-meetings. SIAS is indeed pleased to see that Ministry of Law is...

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Press Statement: Questions on Raffles Education Corp’s (REC) proposed acquisition

To the Board and Directors of Raffles Education Corporation Limited Through Mr. Chew Hua Seng, Chairman and CEO via email Questions on Raffles Education Corp’s (REC) proposed acquisition of 35.9% shareholding interest in Langfang Hezhong Real Estate Development Co. Ltd. Dear Mr. Chew...

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Press Statement: Questions to CapitaLand Commercial Trust (CCT) and CapitaLand Mall Trust (CMT) on proposed merger

Please find the questions posed by SIAS to Mr. Tony Tan, CEO, CapitaLand Mall Trust and Mr. Kevin Chee, CEO, CapitaLand Commercial Trust regarding the proposed merger at the dialogue session organised by SIAS on 17 September 2020. On pages...

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Press Statement: ESR and Sabana address questions from SIAS

There has been much reaction in the media about the proposed merger between ESR and Sabana REITs. Vocal shareholders have also reacted strongly to this merger. They have raised concerns like the sale of Sabana’s assets at below NAV as...

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