Central Depository to assist shareholders of delisted companies
Talks between MAS and ACRA regarding possible changes to the law that will help shareholders obtain their share certificates are on-going.
In an announcement on Tuesday, Singapore Exchange (SGX) said the Central Depository (CDP), which serves as the depository for the shares of its listed companies, will be assisting the shareholders in their procurement of share certificates/ shareholding record documents for their shares in delisted companies under financial difficulties.
The move is in relation to feedbacks received by SGX and CDP that shareholders of some delisted companies have encountered difficulty in obtaining their share certificates.
SGX said to assist shareholders of these delisted companies which are in their transition to unlisted status, it has commenced discussions with the Monetary Authority of Singapore (MAS) and the Accounting and Corporate Regulatory Authority (ACRA) on changes to the law that will help shareholders to obtain their share certificates on a more timely basis.
Meanwhile, the CDP has been in contact with share registrars, liquidators and directors of the companies concerned (as the case may be) to seek quick issuance of share certificates.
SGX has urged delisting companies to play their part as CDP is said to be doing all it can within its powers.