SGX okays dual-class shares for secondary listings

Singapore

COMPANIES with dual-class share (DCS) structures that are primary listed in developed markets will be allowed to hold a secondary listing in Singapore, the Singapore Exchange (SGX) said on Friday.

SGX said it was clarifying its existing secondary listing framework in response to queries during SGX's public consultation on whether to allow dual-class shares on the primary market. No new rules will have to be written.

The secondary listing framework adopts the "developed" classification by index providers FTSE and MSCI, recognising 22 markets in that category. A company with a primary listing on any of those markets will not face additional post-listing conditions except a requirement to make continuous disclosures through SGX for all announcements made on their home exchange. The…