SGX Rulebooks
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In determining the basis of valuation of a transaction, the following rules apply:

(1) In any acquisition or disposal of shares, the value will be assessed by reference to:
(a) in the case of unlisted shares, the net asset value represented by such shares; and
(b) in the case of listed shares, the market value represented by such shares.
(2) In any acquisition or disposal of assets other than shares, the value will be assessed by reference to the book value of the assets or, if a valuation has been carried out for the purpose of the acquisition or disposal, the market value of the assets. The valuation of real property must be carried out by a property valuer in accordance with the property valuation standards.
(3) Where the consideration is in the form of shares, the value of the consideration shall be determined by reference either to the market value of such shares or the net asset value represented by such shares, whichever is higher.
(4) In any provision of financial assistance:
(a) for Rule 1006(a), the reference to "net asset value of the assets to be disposed of" shall mean the aggregate value of the financial assistance; and
(b) for Rule 1006(c), the reference to "aggregate value of the consideration given or received" shall mean the aggregate value of the financial assistance.

Amended on 7 February 20207 February 2020 and 12 February 2021.