Finance companies' shares soar on new relaxed rules
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Singapore
SINGAPORE'S three finance companies are sleepy no more. The prices of all three rocketed as much as 32 per cent the past two days from Monday after the Monetary Authority of Singapore said it was relaxing rules on finance companies to spur them to innovate and extend more loans to small and medium enterprises.
The regulator also said it would allow foreign takeover of the three - Hong Leong Finance, Sing Investments & Finance and Singapura Finance, on condition that the new partner or acquirer would introduce new business models to boost their lending to SMEs.
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