Singapore Exchange Amends Listing Rules

Singapore Exchange Ltd (SGX) yesterday announced changes to its listing rules relating to quarterly reporting and other continuing listing matters, to take effect from 3 January 2003.

This follows public consultation by SGX in August and October 2002 on proposed listing rule amendments in relation to the recommendations made by the Disclosure and Accounting Standards Committee and the Council on Corporate Disclosure and Governance on quarterly reporting, as well as other continuing listing matters.

Key amendments are: -

1 Quarterly Reporting By Listed Companies

Listing Rule 705 will be amended to require listed companies with market capitalization exceeding S$20 million on 30 September 2002 and whose financial year commences on or after 1 January 2003 to announce financial statements for each of the first three quarters of the financial year immediately after the figures are available, but in any event not later than 60 days after the quarter end. Listed companies may refer to SGX's published figures of their market capitalization as at 30 September 2002 at www.sgx.com via the linkages "Listed Companies" and "MktCap as @ 30 Sep 2002".

For financial years starting in 2004, all listed companies, of whatever market capitalization, will need to announce financial statements for each of the first three quarters of the financial year immediately after the figures are available, but in any event not later than 45 days after the quarter end. New listings, of whatever market capitalization, are required to report quarterly in compliance with new Listing Rule 705(2).

All financial results' announcements must comply with the revised Appendix 7.2 of the SGX Securities Trading Listing Manual ("Listing Manual"). Listed companies that must report quarterly need not prepare a separate half-year report at the end of the second quarter. Nor are they required to prepare a separate 4th quarter report at the end of the full year.

2 Disclosure Of Interested Person Transactions Conducted Under A General Shareholder Mandate

To ensure that information is made known to shareholders in a timely manner, Listing Rule 920(1)(a) will be amended to require listed companies to announce the aggregate value of interested person transactions conducted pursuant to a general mandate for the financial periods which listed companies are required to report on, as required by Listing Rule 705, and within the time required for the announcements of such reports.

3 Extension Of General Share Issue Mandate To Convertible Securities

Listing Rule 806 will be amended to allow the general share issue mandate to cover the issue of convertible securities.

4 Simplification Of Structure And Content Of Financial Reporting

Appendix 7.2 of the Listing Manual will be amended to simplify the structure and content of financial results' announcements. The prescribed format for income statements has been removed. Listed companies may now present the income statement in the form presented in their most recently audited annual financial statements. The information required to be announced for the 1st, 2nd and 3rd quarters, as well as the full year report, have also been simplified.


The exchange has also updated Practice Note 7.2 – "Queries Regarding Unusual Trading Activity" of the Listing Manual – which describes procedures in relation to the issuance of and response to written queries issued by the Exchange on unusual price and/or volume activities. A new paragraph has been included to give guidance to secondary listings and issuers that are exempted from continuing listing obligations.


A complete list of the listing rule amendments and the updated Practice Note 7.2 can be accessed from SGX's website at www.sgx.com.

Click on link to view:

Annexure A - Listing Rule Amendments
Practice Note 7.2