SGX

SGX: Announced new mainboard admission rules and continuing listing obligations for mineral, oil and gas (MOG) companies. The new rules seek enhanced disclosure to better safeguard investors’ interests, will come into effect 27 Sep. Admission standards for MOG aspirants that are not in production: i) Market cap > $300m based on issue price and post-invitation share capital; ii) Discloses its plans, milestones and capital expenditure to advance to production stage. Requirements for all MOG companies: i) Existence of any resource or exploration results must be quantified ii) Have sufficient working capital for 18 months from listing iii) Have at least one independent director with appropriate industry experience and expertise iv) Appoint an audit firm with the relevant industry experience MOG companies are also required to include a valuation report on its reserves in the offer document, attached with an independent qualified person on any significant resource or reserve they have or find going forward.