Philippine liquor company Emperador’s secondary listing on SGX mainboard set for Jul 14
Sharon See
EMPERADOR, the largest liquor company in the Philippines, is expected to begin its secondary listing on the Singapore Exchange (SGX) on Thursday (Jul 14), the company said on Monday.
The company, whose primary listing is on the Philippine Stock Exchange (PSE), is set to become the first such company to conduct a secondary listing on the SGX mainboard.
In a statement, it said that it expects the conditions set out in the eligibility-to-list letter from SGX Securities Trading (SGX-ST) to be satisfied and its shares to be listed under the stock code “EMI”.
The outstanding conditions in the letter include, among others, the release of an announcement disclosing the latest share price of the company on the Philippine Stock Exchange (PSE) and the Singapore dollar equivalent prior to the listing of the company on the SGX mainboard, Emperador said.
The company is expected to maintain its primary listing on the PSE, with the stock trading on both exchanges concurrently.
In an introductory document dated Jun 20, the company noted that there is “no seamless trading platform” between the PSE and SGX-ST.
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This means that there are 2 different sets of rules that will govern the trading and settlement of Emperador shares, depending on which stock exchange they are traded on, the company said.
This may result in its shares having different prices per share and settlement deadlines even when they are traded at the same time on each stock exchange.
Nonetheless, Winston Co, group president and chief executive of Emperador, called the secondary listing a “key milestone” for the business.
“This will expand opportunities for participation by investors in Singapore and beyond as we continue to invest in our ambitious international expansion,” Co said in a statement.
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