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SGX to allow listing of mineral, oil and gas companies in early stage of development
THE Singapore Exchange will allow the listing of mineral, oil and gas (MOG) companies in the early stage of development, following rule changes that will take effect from Aug 28.
Towards this end, the regulator is amending the Mainboard and Catalist listing rules for MOG firms to reflect how the sector categorises companies based on each firm's stage of development.
"Companies at an earlier stage of development can now list under the framework. The Mainboard will continue to be for businesses that are more mature than those on Catalist, based on both asset development and size," said SGX in a statement issued on Monday.
This follows a market consultation exercise where a majority of respondents expressed support for the move, it added.
A working group comprising MOG specialists including technical experts, corporate finance advisers and senior executives from SGX-listed issuers had provided input on the SGX proposals.
"The changes to the mineral, oil and gas rules will better align us with industry requirements, thereby enabling us to help MOG companies raise funds at an early stage of development. Investors will also benefit from the clearer distinction between MOG firms on Mainboard and those on Catalist," said SGX's head of equities and fixed income Chew Sutat.