Legal Bulletin September 2023: Allen & Gledhill

27 September 2023

Charity Governance

Commissioner of Charities to implement public fund-raising disclosure regime on 9 October 2023

Competition

Singapore evaluates tools to manage significant investments into critical entities to secure economic resilience and protect national security

Antitrust developments and enforcement activity in South-east Asia: April to June 2023

Corporate / M&A

IPOS and ACRA launch Intangibles Disclosure Framework to disclose and communicate value of intangible assets

Employment. Health & Safety

Changes in CPF monthly salary ceiling from 1 September 2023

Energy, Infrastructure & Projects

EMA grants conditional approvals for two GW of electricity imports from Indonesia; Singapore and Indonesia sign new MOU to strengthen cross-border electricity trade

EMA invites proposal to conduct new study to assess Singapore’s deep geothermal resource potential for power generation

ESG & Public Policy

SGX RegCo provides guidance for companies on developing and executing credible climate transition plans

ASEAN launches negotiations on ASEAN Digital Economic Framework Agreement and commits to bolstering regional economic integration

LTA reviews point-to-point (P2P) industry structure and regulatory framework

International Trade

Free Trade Zones (Amendment) Bill introduced; MOF issues summary of responses to public consultation on draft Free Trade Zones (Amendment) Bill

Maritime & Aviation

Singapore among the first to sign the United Nations Convention on the International Effects of Judicial Sales of Ships

Tax

Bill to amend Income Tax Act 1947 introduced to implement tax changes in 2023 Budget Statement

Changes to Income Tax Act 1947 relating to Board of Review in effect

Regional News

Malaysia

Securities Commission Malaysia widens access, offers more choices in fund management - New framework introduced for Foreign Exempt Schemes and enhancements to Offering of Wholesale Funds

Securities Commission Malaysia paves the way for trading of fractional shares - Revised guidelines enable greater access, affordability and inclusivity for retail investors

Federal Court of Malaysia issues landmark decision on classification and treatment of related-party creditors’ votes in scheme of arrangement

Myanmar

Myanmar approves Thai currency for international payments and settlement

Myanmar issues new customs rules on trademarks

Vietnam

Vietnam amends regulations on onshore loans by credit institutions

State Bank of Vietnam sets out conditions for enterprises to borrow foreign loans

Publications

The Asset Tracing and Recovery Review (11th Ed, 2023)

The Initial Public Offerings Law Review (7th Ed, 2023)

The Real Estate M&A and Private Equity Review (8th Ed, 2023)

The Restructuring Review (16th Ed, 2023)

The Venture Capital Law Review (3rd Ed, 2023)

Directors’ Liability and Indemnification - A Global Guide (4th Ed, 2022)

Cross Border Restructuring & Insolvency 2012-2022: Cases and Developments - Aero Inventory

Norton Journal of Bankruptcy Law and Practice: Cross border jeopardy - A comparative analysis on key insolvency topics across various jurisdictions

Deals

US$23 billion business combination of Black Spade Acquisition Co and VinFast Auto Ltd.

Re-opening issuance of S$2.8 billion fixed rate bonds due 2072 under the Government of Singapore’s medium term note programme for issuance of Singapore Government Securities (Infrastructure) via syndication

US$1.75 billion term and revolving loan facilities to Olam Treasury Pte. Ltd.

Issue of US$1.5 billion notes due 2025 by DBS Group Holdings Ltd

S$1.121 billion green club loan facilities to GuocoLand

S$1.08 billion term loan facility to Frasers Property Aquamarine Trustee Pte. Ltd. (as trustee-manager of Aquamarine Star Trust)

Issue of S$550 million perpetual capital securities by Oversea-Chinese Banking Corporation Limited

Subscription of convertible notes in AimBiotech by Wavemaker

Awards & Rankings

Allen & Gledhill continues to be the only Singapore law firm ranked Tier 1 in World Tax 2024

Allen & Gledhill and its network firms maintains top tier rankings in ALB Asia M&A Rankings 2023