- the issuer convenes a general meeting to obtain shareholders’ approval for the delisting, and the resolution has been approved by at least 75% of the total number of issued shares held by independent shareholders present and voting (75% independent approval); and
- the independent financial adviser (IFA) has opined that the exit offer offered to shareholders is fair and reasonable (fair & reasonable offer), collectively, the “voluntary delisting requirements”.
General principle applicable to delistings
The SGX listing rules provide for certain requirements to safeguard the interests of shareholders in the event of a delisting of an issuer. Under the SGX listing rules, Singapore Exchange (SGX:S68
) Regulation (SGX RegCo) may agree to an application by an issuer to delist if:
