SGX clarifies secondary listing framework

It is allowing dual-class share firms to have secondary listing.

Companies with dual-class share structure can now seek a secondary listing on Singapore Exchange (SGX).

According to SGX, the secondary listing framework differentiates companies into two groups based on their home exchanges.

The group clarified that it does not impose additional post-listing conditions for companies that are listed on any of the 22 markets the international index-providers FTSE and MSCI classify as “developed markets”. It does require companies make continuous disclosures via SGXNet of all announcements made to the home exchange.

More so, SGX said these companies must also maintain their primary listing on the home exchange. The classification considers a jurisdiction’s legal, regulatory and enforcement framework. The home exchange of each company will maintain primary regulatory oversight of the issuer.

Additionally, all companies applying for a secondary listing are subject to the listings review process and must satisfy our suitability criteria. Initial secondary listing applications from DCS companies will be referred to the independent Listings Advisory Committee.

"The secondary listing of companies, including DCS companies, in Singapore provides investors with more choice and enables these shares to be traded during the Asian time zone. Should a DCS company secondary-list on SGX, it could enhance overall market knowledge and familiarity with the risks and benefits of DCS companies,” said SGX CEO Loh Boon Chye.

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia