Singapore Exchange Amendments To Listing Manual

The Singapore Exchange is pleased to announce additional changes to the Listing Manual following a further review of the listing rules, taking into account the recommendations of the Corporate Finance Committee and the practices in other developed markets. The Exchange had on 20 September 1999 announced changes to the admission requirements for equity securities, including changes to the quantitative criteria for admission to the SGX Main Board. The new changes include: moratorium on disposal or transfer of promoters' shareholdings, initial public offering ("IPO") distribution rules, IPO documentation requirements, recognised accounting standards for listing applicants and continuing free float requirements. The new rules streamline and simplify our requirements for new listing applications, thereby facilitating the listing process. Prospectuses will have to be prepared to the standards recommended by the International Organisation of Securities Commission for cross-border offerings. Issuers may decide how their IPOs should be distributed, subject to compliance with the Exchange's shareholding spread and IPO distribution guidelines. The issue manager must satisfy itself that the distribution will not render it likely to lead to a corner situation in the securities in the secondary market. The details are set out in the attached rules. The accompanying Explanatory Note provides the rationale for the principal changes. New listing applications submitted on or after 1 April 2000 will be required to comply with the revised Appendix 3a. Other amended rules take effect immediately.