Whole Section

  • Part III Suspension of Trading

    • 1303

      The Exchange may at any time suspend trading of the listed securities of an issuer in any of the following circumstances:

      (1) If the percentage of an issuer's total number of issued shares excluding treasury shares held in public hands falls below 10%, as provided in Rule 723. In a take-over situation where the offeror succeeds in garnering acceptance exceeding 90% of the issuer's total number of issued shares excluding treasury shares, causing the percentage of the issuer's total number of issued shares excluding treasury shares held in public hands to fall below 10%, the Exchange will suspend trading of the listed securities of the issuer only at the close of the take-over offer.
      (2) Where there is a change in the issuer's assets that produces a situation where its assets consist wholly or substantially of cash or short-dated securities, as provided in Rule 1017.
      (3) Where the issuer is unable to continue as a going concern or unable to demonstrate to the Exchange and its shareholders that it is able to do so, including the following circumstances:
      (a) when an application is filed with a court to place the issuer (or significant subsidiary) under judicial management;
      (b) when an application is filed with a court for the liquidation of the issuer (or significant subsidiary) and the amount of the debt alleged is significant; or
      (c) when the issuer is unable to reasonably assess its financial position and inform the market accordingly.
      (4) Where the issuer is unable or unwilling to comply with, or contravenes, a listing rule.
      (5) Where, in the opinion of the Exchange, it is necessary or expedient in the interest of maintaining a fair, orderly and transparent market.
      (6) Where the issuer does not have a sponsor.
      (7) Where, in the opinion of the Exchange, it is appropriate to do so.
      (8) Where the Exchange releases an announcement in relation to the issuer which, in the opinion of the Exchange, is market sensitive.

      Refer to Practice Note 13A — Procedures for Trading Halt and Suspension.

    • 1304

      If the trading of the listed securities of an issuer is suspended under Rule 1303(3), it must:

      (1) submit a proposal (or proposals) through its sponsor to the Exchange with a view to resuming trading in the issuer's securities ("resumption proposals") within 12 months of the date of suspension. If no resumption proposals are received to enable trading to resume within 12 months of the date of suspension, the Exchange may remove the issuer from the Official List; and
      (2) implement the resumption proposals within 6 months from the date the Exchange indicates that it has no objection to the resumption proposals. If the resumption proposals have not been implemented within the 6 months, the Exchange may remove the issuer from the Official List. The issuer is expected to provide monthly valuation of its assets and utilization of cash and updates of milestones in completing the relevant transactions to the market via SGXNET.

      Amended on 29 September 201129 September 2011 and 7 February 20207 February 2020.