A successful IPO is often treated as the finish line — in reality, it marks the start of an ongoing compliance relationship with SGX that lasts for as long as the company remains listed. Continuing obligations exist to keep the market informed and shareholders protected, and they apply whether a company is on the Mainboard or Catalist.
Continuous Disclosure
Listed companies must disclose material information to the market as soon as they become aware of it — price-sensitive developments, changes in financial position, and material transactions all fall under this duty. The disclosure-based regime places the onus on the company (and its board) to judge materiality in real time, rather than waiting for a scheduled reporting date.
Periodic Financial Reporting
Beyond continuous disclosure, listed companies must report financial results on a periodic basis — half-yearly and full-year results are standard, with the specific cadence and content requirements set out in the Listing Manual. These results must be released within prescribed timeframes of the relevant financial period ending.
Corporate Governance Requirements
Listed companies are expected to maintain board composition and committee structures — including independent directors, an audit committee, and (where applicable) nominating and remuneration committees — appropriate to the company’s scale and risk profile, and to report against the prevailing Code of Corporate Governance on a “comply or explain” basis.
Shareholder Approval for Key Transactions
Certain categories of transactions — including interested person transactions, major acquisitions or disposals, and changes to the company’s capital structure — require prior shareholder approval or specific disclosure under the Listing Manual, depending on their size relative to the company.
The Role of the Sponsor (Catalist) or Own Compliance Function (Mainboard)
Catalist-listed companies continue to work with their sponsor on an ongoing basis, who monitors compliance with continuing obligations throughout the listing. Mainboard-listed companies do not have a sponsor, so the compliance function typically sits with the company secretary, general counsel, or an appointed continuing sponsor for specific transactions, supported by external advisers as needed.
Staying Ahead of Change
SGX periodically reviews and updates the Listing Manual, and companies are expected to stay current with amendments as they take effect. This article summarises the general categories of continuing obligations rather than any specific rule change — for the current Listing Manual and any recent amendments, always refer directly to SGX’s official publications or consult your sponsor or company secretary.