SGX Gives a Green Light on STGT for the Secondary Listing

The Singapore Stock Exchange gave a green light on STGT's secondary listing under conditional Eligibility-to-List (ETL) conditions.

Sri Trang Gloves (Thailand) Public Company Limited (STGT) stated that on May 3, 2021, the company received a letter of conditional Eligibility-to-List (ETL) from the Singapore Exchange Limited (SGX-ST) in connection to the proposed.

 

The letter was in line with STGT’s announcement on November 13, 2020, indicating the company’s intention for a secondary listing on the Singapore Exchange Limited.

 

The ETL is subject to, amongst others, the following conditions:

(a) compliance with the SGX-ST’s listing requirements;

(b) the company maintaining the primary listing of its shares on the Stock Exchange of Thailand (the “SET”);

(c) pre-quotation disclosure of information required by the SGX-ST;

(d) the company confirming that its memorandum and articles of association (incorporating all amendments to date) has been filed with the SET;

(e) the company undertaking to comply with the following requirements as set out in Rule 217 of the SGX-ST Listing Manual to:

  • (i) release all information and documents in English to the SGX-ST at the same time as they are released on the SET;
  • (ii) inform the SGX-ST of any issue of additional securities in a class already listed on the SGX-ST and the decision of the home exchange; and
  • (iii) comply with such other listing rules as may be applied by the SGX-ST from time to time (whether before or after listing);

(f) the company undertaking to make an announcement as soon as there is a change in the law of our Company’s place of incorporation which may affect or change shareholders’ rights or obligations over its securities, including:

  • (i) right to attend, speak, vote at shareholders’ meetings and the right to appoint proxies;
  • (ii) right to receive rights offering and any other entitlements;
  • (iii) withholding taxes on its securities;
  • (iv) stamp duties on its securities;
  • (v) substantial shareholder reporting requirements for its securities;
  • (vi) foreign shareholding limits on the securities;
  • (vii) capital controls over cash dividends or other cash distributions payable in respect of its securities; and
  • (viii) obligations to file documents or make declarations in respect of its securities

(g) the company undertaking that in the event for a need for trading halt or suspension in its shares, the company would request for a trading halt or suspension on all exchanges at the same time;

(h) written confirmations from the Issue Manager and the company that arrangements satisfactory to the SGX-ST are in place to ensure:

  • (i) orderly trading in the market when trading begins in the Company’s shares in Singapore; and
  • (ii) timely settlement of trades, including but not limited to, procedures for the deposit, withdrawal and registration of the company’s shares in Singapore.

 

In addition, STGT stated that the ETL is not an indication of the merits of the Proposed Secondary Listing, the company, its subsidiaries and/or its shares.

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