SGX, Tel-Aviv to pursue tech, healthcare firms for dual listings

SINGAPORE Exchange (SGX) and the Tel-Aviv Stock Exchange (TASE) are teaming up to get technology and healthcare companies to list on both exchanges, the market operators announced on Monday.

The two exchanges will "pro-actively engage" technology companies seeking to penetrate Asian markets to list on both exchanges, the two partners announced. This will include assisting companies during the pre-listing stage, facilitating the listing process, and providing issuers with post-listing support.

The SGX and the TASE are also exploring other related areas of collaboration, including the potential development of a private market ecosystem in Israel and enhancing the post-trade connectivity and services between the two markets.

SGX chief executive Loh Boon Chye said in a statement: "TASE has access to one of the world's largest populations of technology startups and a rapidly expanding research and development (R&D) hub in the technology and biotech space. Our partnership with TASE complements SGX's efforts to strengthen our technology sector, as well as Singapore's ambitions to be a global technology and R&D hub."

TASE CEO Ittai Ben-Zeev said: "For the first time, Israeli companies will be able to raise funds on both markets simultaneously. Dual-listing or performing a simultaneous IPO (initial public offering) on both exchanges can assist Israeli issuers in increasing liquidity and gaining attractive valuations from a broad Asian investor base while ensuring domestic demand. We see a huge potential in SGX as a global tech hub, and as a gateway to Asian capital markets through quick and efficient fundraising process."

The SGX was speculated in March to have been a bidder for TASE, which recently sold a 19.9 per cent stake to investment fund Manikay Partners as it heads towards a potential IPO by the end of the year. Concurrent with that stake sale to Manikay, TASE also sold about 21.8 per cent of its shares to certain unspecified investors. The Business Times understands that the SGX is not currently a shareholder of TASE.

Israel-based companies listed on the SGX include incubator firm Trendlines Group and diamond technology company Sarine Technologies.