New SGX secondary listing framework from Nov 3

Published Thu, Oct 30, 2014 · 09:49 AM
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THE Singapore Exchange's (SGX) new framework for secondary listings to encourage companies from developed markets to list here will be implemented from next Monday, the exchange said.

The move follows a public consultation on the changes in June, which lasted a few weeks.

SGX CEO Magnus Bocker said in a press statement on Thursday that a company that has a secondary listing on SGX will have a higher Asian profile and access to a wider pool of investors.

"We welcome more listings from developed and well-regulated jurisdictions joining our family of listed companies," he said.

Previously, the SGX had its own set of additional regulations for all companies who want to have a secondary listing here apart from a primary listing in their home market.

Now, these rules are not required for primary-listed companies coming from the mainboard of 22 "developed" jurisdictions, including the US, the UK, Australia, Canada, Hong Kong and Japan.

These companies are viewed as posing less regulatory risk, the SGX said.

Companies not from these markets will be classified as coming from a "developing" market.

These companies will continue to be subject to the additional rules, which are on issues such as interested party transactions, major disposals and acquisitions, and delistings.

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