SINGAPORE: Singapore Exchange’s regulatory subsidiary is proposing changes to some of the rules governing voluntary delistings following a recent spate of buyout deals. Singapore Exchange Regulation (SGX RegCo) has proposed that only minority shareholders, and directors and controlling shareholders who are not the party making an exit offer or who are not acting in concert with it, can vote on the voluntary delisting resolution at a shareholder meeting. Among the proposed changes, SGX RegCo intends to require that the exit offer be reasonable and fair for the voluntary delisting to proceed, it said in a statement on Friday (Nov 9). The listing rules currently require an exit offer to be reasonable but do not require it to be fair. “The changes we are proposing today aim to align, as much as possible, the interests of the offeror and the shareholders particularly the minorities,” said Tan Boon Gin, chief executive of SGX RegCo. “We are therefore proposing that the delisting offer must be both reasonable and fair, and that the majority of the independent shareholders find it attractive enough to vote in favour of the delisting,” Tan said. Public consultation on the proposals end on Dec 7, with any changes to take effect from 2019.