Legal Bulletin February 2022

28 February 2022

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Covid-19

ACRA, MAS and SGX RegCo update guidance on the conduct of general meetings amid evolving Covid-19 situation

Tripartite partners issue advisory on business continuity plan to provide guidance on potentially high levels of workforce absences

BCA issues circular on end of relief period under COTMA Part 2 and Part 8B for relevant contracts in the Built Environment sector

Competition & Antitrust

Antitrust developments in South-east Asia: October to December 2021

Corporate / M&A

Higher penalties for late filing of annual lodgments in force from 14 January 2022

Dispute Resolution

Bill setting out framework for conditional fee agreements in Singapore passed

Singapore Court of Appeal clarifies rule against the use of non-contractual documents for purposes of incorporating terms into a contract

General Division of Singapore High Court finds grounds for setting aside of arbitral award not established

Employment, Health & Safety

Singapore Government accepts new progressive wage model recommendations for waste management workers

ESG & Public Policy

Singapore signs free trade agreement with Pacific Alliance

NEA public consultation on disposable carrier bag charge at supermarkets

Regional News

Malaysia

Bursa Malaysia amends listing requirements to enhance board effectiveness and diversity

Amendments to various legislation in Malaysia brought about by partial commencement of Finance Act 2021

Amendments to Malaysia’s two-tiered minimum wage based on place of employment in effect 1 February 2022

Malaysia Federal Court rules regulator has discretion to maintain listing of wound-up company

Malaysia Federal Court rules electricity supply can only be disconnected in the presence of a continuing offence

Myanmar

Myanmar State Administration Council amends rate of commercial tax and income tax in certain circumstances

Indonesia

Indonesia imposes domestic market obligation for sales of crude palm oil

China

China clarifies scope of “critical data” in cross-border data protection regime

Publications

The Energy Mergers & Acquisitions Review (3rd Ed, 2021)

The Real Estate M&A and Private Equity Review (6th Ed, 2021)

The Cartels and Leniency Review (10th Ed, 2022)

The International Comparative Legal Guide to Public Procurement 2022

Deals

US$17.4 billion acquisition of PPD, Inc. by Thermo Fisher Scientific Inc.

Issue of S$950 million fixed rate notes by Housing and Development Board

Issue of US$600 million notes by Singapore Airlines Limited under its S$10 billion medium term note programme

US$150 million fund raising of ONE Championship

S$170 million initial public offering and listing of Pegasus Asia, a special purpose acquisition company, on Singapore Exchange

S$150 million initial public offering and listing of Novo Tellus Alpha Acquisition, a special purpose acquisition company, on the Singapore Exchange

US$55 million series C investment in Pluang Technologies Pte. Ltd. led by Accel Management Co. Inc

Awards & Rankings

Allen & Gledhill recognised in world’s top data practices worldwide