General Announcement::SGX welcomes secondary listings with streamlined rules

Issuer & Securities

Issuer/ Manager
SINGAPORE EXCHANGE LIMITED
Securities
SINGAPORE EXCHANGE LIMITED - SG1J26887955 - S68
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
30-Oct-2014 14:36:45
Status
New
Announcement Sub Title
SGX welcomes secondary listings with streamlined rules
Announcement Reference
SG141030OTHRWMWZ
Submitted By (Co./ Ind. Name)
Carolyn Lim
Designation
VP, Marketing & Comms
Description (Please provide a detailed description of the event in the box below)
Singapore Exchange (SGX) is streamlining rules for secondary-listed companies to further enhance its stock market.

When a company is secondary-listed on SGX, it enjoys a higher Asian profile and access to a wider pool of investors. How we regulate secondary listings is now clearer for both companies and investors. We welcome more listings from developed and well-regulated jurisdictions joining our family of listed companies, said Magnus Bocker, CEO of SGX.

SGX is the world s most international exchange with 40% of its listed companies coming from outside Singapore, including 34 secondary listings.

Effective 3 November 2014, SGX will deem a company as coming from a developed jurisdiction if both FTSE and MSCI classify the jurisdiction of the company s home exchange as developed . FTSE and MSCI, which are leading international index providers, have currently classified 23 jurisdictions including Singapore as developed . SGX will treat all other jurisdictions as developing .

Where a company is secondary-listed on SGX, and primary-listed on the main board of any of the 22 developed jurisdictions other than Singapore, SGX will not impose additional regulatory requirements under the new framework. Such a company must remain primary-listed on its home exchange and comply with all relevant rules of its home exchange. This differs from the current framework where companies may face additional requirements once secondary-listed on SGX.

For a company from a developing jurisdiction, SGX will review its home exchange s legal and regulatory requirements and may impose additional requirements to enhance shareholder protection and corporate governance standards.

SGX will continue to assess whether a company seeking a secondary listing is suitable for the Singapore market, including whether it can meet the admission criteria for SGX.

SGX s website will carry more information on secondary listings from 3 November 2014 including a clear segregation between these and primary-listed companies, indication whether the secondary listing is from a developed and developing jurisdiction, and the scope of additional regulatory requirements for each secondary-listed company, where applicable.

SGX s new framework and rules on secondary listings follow a June 2014 public consultation. For a list of existing secondary-listed companies, please go to this link. For details on how the new framework will affect these companies, please go to this link.

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