The Singapore Exchange Regulation (SGX RegCo) announced that it will require suspended issuers to resolve substantive underlying concerns within three years as it works towards keeping trading suspension to the minimum and giving more certainty to the timeline for delisting.
SGX RegCo explains that this approach reinforces market discipline while providing investors clearer expectations on outcomes, and underscores SGX RegCo’s commitment to a fair, transparent and well-functioning market.
This comes as SGX RegCo publishes its latest report on issuers whose shares have been suspended for 12 months or more; and follows a change to its trading suspension approach in last October.
As at December 31, 2025, there were 39 long-suspended issuers. Of these, 16 are exploring trading resumption, while five are undergoing court-supervised restructuring processes or schemes of arrangement.
Meanwhile, 10 listed issuers are in the process of liquidation or winding up while the remaining eight have been served with delisting notices.
“We have since narrowed the range of situations in which we would keep an issuer suspended. We also expect such an issuer to step up efforts to complete its restructuring and avoid a prolonged suspension,” says Tan Boon Gin, CEO of SGX RegCo.
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SGX Regco adds that data on long-suspended issuers shows that those with high likelihood of a positive outcome can achieve substantive resolution within three years.
Such resolutions might include reaching settlement terms with creditors and restructuring their operations, and the three-year time frame is intended to allow room for restructurings that can unlock value for shareholders.
“As the Singapore market goes through a phase of value unlocking, it is important that these issuers and their advisers are part of that journey,” Tan adds.
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As of the current practice, SGX RegCo will scrutinise trading resumption proposals submitted by long suspended issuers. The evaluation takes into considerations the effort towards and progress in meeting milestones, certainty of plans and the interest of shareholders.
SGX RegCo will also work with listed issuers that have already been suspended for more than three years and require them to show substantive progress on restructuring or the resolution of existing issues, as well as concrete plans to resume trading.
Finally, if SGX RegCo is not satisfied that plans are progressing with sufficient urgency, it will take steps to delist these issuers.
