(1) In the case of SGX Mainboard issuers who satisfy the profitability test in Rule 210(2)(a) or (b), the promoters' entire shareholdings at the time of listing for at least 6 months after listing.

(2) In the case of SGX Mainboard issuers who satisfy the market capitalisation test in Rule 210(2)(c) or Rule 210(8), or Rule 210(9), the promoters' entire shareholdings at the time of listing for at least 6 months after listing, and at least 50% of original shareholdings (adjusted for any bonus issue, subdivision or consolidation) for the next 6 months.

(3) In the case of investors each with 5% or more of the issuer's post-invitation issued share capital excluding subsidiary holdings who acquired their securities, and who made payment for their acquisition, less than 12 months prior to the date of the listing application, a proportion of their shareholdings will be subject to moratorium for 6 months after listing computed based on the following cash formula:—



Where

M = the number of shares subject to moratorium;

V_CP = the total cash paid for the shares acquired by the investor within the 12 months preceding the date of the listing application;

V_IPO = the value of the investor's total shareholdings acquired within 12 months preceding the date of the listing application based on the issue price at the initial public offering, or if there is no initial public offering, the price agreed by the Exchange; and

P = the total number of shares paid for by the investor in the 12 months preceding the date of the listing application.

(4) In the case of investors each with less than 5% of the issuer's post-invitation issued share capital excluding subsidiary holdings who acquired their securities, and who made payment for their acquisition, less than 12 months prior to the date of the listing application, there will be no limitation on the number of shares which may be sold as vendor shares at the time of the initial public offering.

Where the investors have shares remaining unsold at the time of the initial public offering, the proportion of such remaining shares to be subject to a moratorium for 6 months after listing shall be computed based on the following cash formula:—



Where

M = the number of shares subject to moratorium;

V_CP = the total cash paid for the shares acquired by the investor within the 12 months preceding the date of the listing application;

V_IPO = the value of the investor's total shareholdings acquired within 12 months preceding the date of the listing application based on the issue price at the initial public offering, or if there is no initial public offering, the price agreed by the Exchange; and

P = the total number of shares paid for by the investor in the 12 months preceding the date of the listing application.

(5) In the case of investors who are connected to the issue manager for the initial public offering of the issuer's securities, their shareholdings will be subject to a moratorium for 6 months after listing. For the avoidance of doubt, these investors are prohibited from selling vendor shares at the time of the initial public offering.

(6) For the purposes of Rules 229(3), (4) and (5), where an introducer of the issuer, a consultant to the issuer for the initial public offering, or investors who are connected to the issue manager, have an indirect shareholding in the issuer, these investors may be required to comply with the moratorium requirements in Rule 228.