Reminder to Convert Share Warrants to Registered Shares by 1 July 2017

1. Bearers of share warrants  (commonly referred to as bearer shares) are reminded to surrender the warrants for cancellation and have their names entered in the register of members of the issuing companies before 1 July 2017, if they have not already done so. Outstanding warrants that are not surrendered by 1 July 2017 will be cancelled by the issuing companies and will cease to carry equity rights.

2. This notice follows the legislative changes in the Companies (Amendment) Act 2014 that were implemented on 1 July 2015 , in which outstanding share warrants will be phased out over a two-year period. The move is in line with the Government’s policy, which disallows the issuance of bearer share equity instruments due to their risks in facilitating untracked transfers of financial assets. It will also strengthen the transparency of companies.

3. Since 29 December 1967, Singapore has prohibited the issuance of share warrants under section 66 of the Companies Act. A transitional arrangement has been in place for bearers of share warrants issued before 29 December 1967 to convert the warrants to registered shares. 

4. Bearers of share warrants who require further information on converting the share warrants to registered shares may wish to contact the issuing companies.

ISSUED BY
MINISTRY OF FINANCE
ACCOUNTING AND CORPORATE REGULATORY AUTHORITY