Forum: Do more before more companies delist

I read with dismay the report “Delistings accelerate on SGX; CapitaLand Investment, iFast dive” (May 5). It said that at least 11 companies had received offers to delist from the Singapore Exchange (SGX) in 2025. More recently, there was another article on this topic (Frasers Property makes second bid to privatise Frasers Hospitality Trust in $1.37 billion deal, May 14).

Most companies cite poor trading liquidity as the main reason for retreating from the public markets.

It is worth recalling that in August 2024, the Monetary Authority of Singapore (MAS) convened a review group to rejuvenate the local stock market. Since then, a series of initiatives have been introduced, aimed at attracting new listings and rekindling investor interest.

Perception may not reflect reality. Yet one cannot deny the power perception holds, and how easily it can become reality for the individual, or for the collective.

While efforts are being made to attract fresh listings, what of the companies already here? Before they choose to leave, is there space for engagement or for a conversation that asks: What might persuade you to stay? Within the limits of regulation, could exceptions be made, if only to demonstrate that we are listening?

One delisting begets another. A pattern takes shape. A narrative gathers force.

Yes, the global environment is challenging. But what does it say about our standing as a listing venue if, despite the raft of new measures, companies continue to leave our stock market?

Singapore has, over the decades, become one of the world’s leading banking and foreign exchange hubs. This did not happen by chance. It required coordination, vision and a resolve that extended beyond MAS to a broader community of policymakers and stakeholders.

We have faced tides before, and turned them. We can still do this.

Gabriel Chen