With a history dating back to 1966, the Straits Times Index (STI) was originally coined as the Straits Industrial Index. After 30-odd years, the Straits Industrial Index was eventually succeeded by Straits Times Index on 31 August 1998. The reason for changing the index was to allow the index to cover more sectors and properly reflect the daily trading activities of stocks on SGX (or then-Stock Exchange of Singapore). Established by SPH, SGX and FTSE Russell, the index is reviewed on a semi-annual basis. Companies can be removed and added to the index based on their market capitalisation changes. Since STI’s official inception, the index has undergone several changes. The most recent major movement would be the replacement of SPH with Mapletree Industrial Trust on June 2020. Here, we com

SIAS had a good meeting with Hwa Hong yesterday. Hwa Hong’s Directors came to see SIAS proactively to seek SIAS’ independent guidance on the related issues and to brief SIAS on the next steps. SIAS was informed by Hwa Hong directors that under The Singapore Code on Take-overs and Mergers (Code), the current directors are deemed to be “independent” of the Offeror. Further, SIAS understands that under the Code, Hwa Hong will need to proceed with the appointment of the IFA. Therefore, SIAS has no objection to the appointment of the IFA ahead of the Independent Reviewer (IR). In relation to the appointment of the IR, we understand that the Company has been working closely with the SGX RegCo on an appropriate choice of the IR. We look forward to this appointment expeditiously.   Da

SIAS has observed the recent developments at the board level at Hwa Hong Corporation Limited with some concerns, which left the Board being majority-controlled by certain close family members and substantial shareholders. This is compounded by the recent resignation of their independent chairman due to “disagreement with certain board members on the selection and appointment process of two new independent directors”, which left the Board with no Independent Directors.  SGX RegCo has since issued a Notice of Compliance for the Board to appoint an independent reviewer, amongst other requirements. The Company has separately announced that the Board will be appointing an independent financial adviser (“IFA”) to advise the directors of the Company who are considered independent for the