SINGAPORE Exchange Regulation will suspend entry into its financial watch-list and enable faster fund raising efforts in light of the difficult economic climate during the Covid-19 outbreak.
"Covid-19 has caused a drastic global deterioration in business conditions for all companies, with many experiencing significant loss of revenue and profitability. Share prices of companies have also fallen, translating to sharp declines in market capitalisation. Companies are also likely to face liquidity crunch at this time as banks are tightening credit," SGX RegCo said on Wednesday.
SGX operates a financial watch-list and places companies on the list to compel them to turn around their financial performance after 3 years of losses and when their market capitalisations fall below S$40 million. In consultation with the Monetary Authority of Singapore, SGX RegCo felt that placing issuers on the financial watch-list during this trying period might cause"undue prejudice to companies in navigating the business challenges in this climate".
"Accordingly, SGX RegCo will provisionally suspend the half-yearly reviews on the first market days of June 2020 and December 2020 to place issuers on the financial watch-list. The suspension is to enable our issuers to focus on meeting the current business and economic challenges and dealing with any resultant liquidity crunch," SGX RegCo said.
Source: News Formal (newsformal.com)
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