On 5 May 2025, the Securities Industry Council of Singapore released a consultation proposing changes to the Takeover Code.

• additional disclosure requirements apply to dealings by certain persons, including 'associates' (as defined in the Singapore Code on Takeovers and Mergers)
• the term associates normally includes a holder of 5% or more of the equity share capital of the offeror or offeree company.
• raise the threshold for control from 20% to 30% in the Notes on Definitions.

How to comment:

Interested parties can submit written comments to the Council via email to sic@mas.gov.sg by Thursday, 5 June 2025.

The press release is available here and the consultation paper is available here.