Dual-class Shares – a Must or a Bust?

The recent moves by the Singapore Exchange towards the listing of dual-class shares (DCS) have provoked much debate in business and legal circles. It had been suggested several times last year that the authorities reconsider allowing dual-class listings here to reinvigorate a listless stock market and address the dearth of big initial public offerings. And also to keep from losing the likes of Manchester United after the football club in 2012 reportedly bypassed SGX in favour of the New York Stock Exchange because its share structure allowed the controlling Glazer family superior voting rights to entrench themselves. It seemed just a question of time before SGX opened its doors to listed companies with DCS, after an amendment to the Singapore Companies Act to allow public companies to have DCS took effect in March this year.

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