SIAS’s Response to SGX’s Alternate Proposal to Safeguard Investors of Foreign Issuers Listed on Singapore Exchange

Date: February 19, 2013

The public shareholders should be mindful of the potential difficulties they will face in enforcing their rights as shareholders should the untoward happen to any of the foreign issuers. The difficulties of recovering their investments in such circumstances still remains. Retail investors should do their own due diligence before investing in foreign issuers. They should constantly monitor the financial positions of the foreign issuers and keep abreast of all corporate developments that are announced to the market.

SIAS notes that any changes to the Listing Rules arising from the proposals of the Working Committee would be implemented only after public consultation. The market players and professional parties should actively participate in any such public consultation.

Though the alternative proposals have not gone far enough and appear not to meet the expectations of the shareholders fully, given the constrains within the listing rules, it is understandable.

David Gerald
President / CEO