Feb 2025
This edition of the Conyers SGX & Catalist Public Companies Report summarises selected key transactions involving companies listed on the Main Board and Catalist Board of the Singapore Exchange Securities Trading Limited (SGX-ST) in the second half of 2024.
Conyers is pleased to have advised several of the Bermuda and Cayman Islands companies whose transactions are included in this report. A key deal for the region was the global restructuring of the Bermuda-domiciled offshore supply vessel (OSV) shipbuilder Nam Cheong Limited (SGX:N4E) group’s indebtedness to participating financial institution creditors through a Malaysia-sanctioned scheme of arrangement and debt restructuring master agreement. The restructuring has proven to be one of the good news stories of the year, as Nam Cheong returned to profit in 2024.
Singapore Market Update
In line with an overall fall in funds raised through initial public offerings (IPOs) in Southeast Asia in 2024, the year saw a decrease in IPO activity in Singapore. There were four listings on the Catalist Board, of which three companies were listed in the last quarter of 2024. Economic uncertainties, high interest rates and other contributory factors across ASEAN economies impacted corporate borrowing, trade, investment and IPO and M&A activity as companies opted to delay public listings or acquisitions until conditions improved. The market showed signs of recovery in the second half of 2024, with a significant increase in the proceeds from IPOs in the Asia-Pacific region and a number of large M&A deals announced in the last quarter.
In August 2024, the Monetary Authority of Singapore announced that it had formed a review group to recommend measures to strengthen the development of Singapore’s equities market, attract more primary and secondary listings to Singapore, and improve liquidity in Singapore’s equities market. The review and reforms are intended to improve the vibrancy of the Singapore equities market, increase IPO activity by promoting the SGX-ST as a listing platform and facilitate market growth. The review group is expected to report its recommendations by August 2025.
The outlook for 2025 is cautiously optimistic. The effect of U.S. trade tariffs will need to be assessed as their specific impact on Singapore comes into focus, and ongoing geopolitical tensions will continue to shape the landscape, as for all global economic players. Taking these headwinds into consideration, the Singapore Ministry of Trade and Industry has projected a moderate GDP growth rate of 1.0% to 3.0% for 2025.
The potential for more favourable economic conditions and regulatory support leads to optimism for the gradual recovery of the Singapore IPO market and continued M&A activity in 2025.
To continue reading, and to see the full deals list, please click to download the full document.