Whole Section

  • Part III Requirements Relating to the Underlying Securities

    • 504

      Where an issue of structured warrants is based on securities which are listed or quoted on the Exchange:—

      (1) the market capitalisation of the listed company must have been at least S$500 million over the past 30 market days; and
      (2) the number of structured warrants to be issued, together with those structured warrants already issued by all third-party issuers which are still outstanding, must not exceed 50% of the total number of issued shares excluding treasury shares and subsidiary holdings of the company. In computing the 50% limit, company warrants issued by the company itself will not be included.

      Amended on 31 March 201731 March 2017.

    • 505

      Where an issue is based on securities of an entity that is not listed or quoted on the Exchange:—

      (1) the securities must be listed or quoted on an acceptable stock exchange;
      (2) the entity must be an entity that would be able to meet the requirements in Rule 210(2), (3) and (4) for listing of equity securities;
      (3) the paid up capital of the entity must be at least S$200 million (or its equivalent) or the market capitalisation of the foreign entity must have been at least S$500 million (or its equivalent) over the past 30 market days of that market;
      (4) the number of structured warrants to be issued, together with those structured warrants already issued by all third-party issuers which are still outstanding, must not exceed 50% of the issued securities of the entity. In computing the 50% limit, company warrants issued by the entity itself will not be included; and
      (5) price and volume information, and financial and price-sensitive information relating to the entity, must be readily available to investors in Singapore.
    • 506

      Subject to Rule 507, no structured warrants may be issued on securities that are not listed or quoted on a stock exchange.

    • 507

      An issue of structured warrants may also be based on accepted stock indices or baskets of securities, both local and foreign. If the issue is based on a basket of securities, Rule 504 or Rule 505 (as the case may be) applies to each of the companies making up the basket.