Written reply to PQ on Immediate Tasks for Nine Designated Entities under Significant Investments Review Act 2024

Question

Mr Neil Parekh Nimil Rajnikant: To ask the Deputy Prime Minister and Minister for Trade and Industry (a) what immediate tasks are expected of the nine designated entities under the Significant Investments Review Act 2024 (SIRA); and (b) what steps will the Ministry take to ensure that these nine designated entities will implement the necessary protective measures within the expected timeframe as required under SIRA.

Written Answer by Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong

1. The nine designated entities under the Significant Investments Review Act need not undertake any immediate tasks or additional protective measures.

2. Designated entities and relevant parties only need to take action when there are certain changes in ownership or control. For example: (a) prospective controllers, existing controllers, and designated entities may need to notify or seek approval from the Minister when there are changes in ownership or control at specified thresholds; (b) designated entities need to seek the Minister’s approval for changes in key personnel; and (c) designated entities cannot be dissolved, terminated, wound up voluntarily, or be subject to judicial management without the consent of the Minister.

3. The Ministry has set up the Office of Significant Investments Review, to oversee the implementation of the Act and serve as a one-stop touchpoint to provide affected stakeholders with guidance. The Office has been closely engaging designated entities prior to their designation, and will continue to work with them to facilitate their compliance with the Act.