Singapore Exchange Regulation (SGX RegCo) refers to its 27 December 2022 regulatory announcement, where SGX RegCo exercised its powers under Mainboard Rule 1405(1)(k) and Catalist Rule 305(1)(k), and imposed certain requirements on UOB Kay Hian Private Limited (UOBKH). These requirements included a prohibition from acting as an issue manager or full sponsor for SGX Mainboard and Catalist initial public offering (IPO) and reverse takeover (RTO) submissions (Moratorium), save for submissions which UOBKH agreed to act as issue manager or full sponsor (as may be applicable) under any agreement entered into before 31 August 2022, until such date as SGX RegCo specifies.
SGX RegCo notes that UOBKH has taken remedial action to strengthen its policies and procedures for IPO and RTO transactions, including enhanced oversight on the activities of UOBKH’s Corporate Finance Department.
Having considered the remedial actions that UOBKH has taken to address the recommendations, conditions and directions that SGX RegCo has imposed, SGX RegCo is lifting the Moratorium with immediate effect.
