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Sector
Financials
Size
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Market Cap £5.98bn
Enterprise Value £5.76bn
Revenue £591.5m
Position in Universe 278th / 6094

Hit by coronavirus? Come clean, Singapore bourse tells companies

Wed 22nd April, 2020 12:48pm
SINGAPORE, April 22 (Reuters) - Singapore Exchange's
 SGXL.SI  regulatory chief called on listed companies to provide
"prompt and high quality" information on the impact of the novel
coronavirus on their business or risk a loss of investor
confidence.
    SGX RegCo's CEO Tan Boon Gin gave the guidance in a column
on Wednesday, just as Singaporean companies begin issuing
quarterly results that will reflect the impact so far of the
coronavirus pandemic.
    In his remarks, Tan said "reliance on broad-stroke
explanations pinned on a decline in general economic activity to
explain away their outlook would be deemed inadequate and of
little utility to their shareholders".
    Instead "prompt and high-quality information" would benefit
both issuers and investors, he said.
    "If issuers do not come clean, investors will assume the
worst. In today's market, the consequences of late or
poor-quality disclosure could be dire," he said.
    With more than 2.54 million cases reported and 177,000
deaths, the coronavirus outbreak has forced many countries to go
into lockdown, disrupting global supply chains and debilitating
the global economy.  urn:newsml:reuters.com:*:nL4N2AY3AS
    Tan said boards and auditors of companies should increase
vigilance on the possible effects of global developments on
companies' finances.
    "This includes a review of the effectiveness of internal
controls, including close scrutiny on high-risk areas such as
cash balances and accounts receivables," he said.
    Since Feb. 7, SGX-listed companies no longer need to issue
quarterly reports, in line with practices in markets including
Hong Kong, Britain and the European Union.
    Companies listed on SGX now only need to file semi-annual
reports unless they have issues such as regulatory concerns, in
which case they still have to post quarterly results.

 (Reporting by Anshuman Daga; editing by Barbara Lewis)
 ((anshuman.daga@tr.com; +65 64035676;))
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