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Dual listings pact to strengthen capital markets in Singapore and Norway

Singapore Exchange Limited (SGX) and the OsloBørs ASA (Oslo Børs) today inked their co-operation with the signing of Memorandum ofUnderstanding (MOU) to facilitate the process of secondary listing of companies on eachother’s exchange.

This MOU marks the first formal co-operation between the two exchanges. It also represents the first dual listing co-operation with a sector focus between Singapore and Norway.

The MOU will be signed at a ceremony in Singapore on 8 July 2009 at 5.30pm,witnessed by Mrs Lim Hwee Hua, Minister in the Prime Minister’s Office and SecondMinister for Finance and Transport, Singapore. Minister Lim will be joined by HerExcellency, Ms Janne Julsrud, Ambassador, The Royal Norwegian Embassy, Singapore;and Mr J Y Pillay, Chairman of Singapore Exchange.

The proposed co-operation aims to promote the secondary listing of companies listed oneach other’s exchange. SGX and Oslo Børs will institute a framework to enable and facilitate dual listings through mutually agreed listing rules and processes. In addition,both exchanges will set up a process for settlement and clearing of shares traded of these dual listed companies. The co-operation will begin with companies in the energy,offshore and shipping sectors which are key sectors common to both exchanges. Assuch companies expand their business activities to Norway or Singapore, the dual listing framework will allow them to diversify their shareholder base, build their profile and provide an additional fund raising venue.

Another area of co-operation is joint marketing and promotion. Both exchanges plan to commence a series of marketing seminars to profile the sectors in both regions in the coming months. SGX and Oslo Børs will enhance the co-operation framework by exploring opportunities in introducing new sectors, providing regulatory updates,monitoring and governance matters.

Minister Lim Hwee Hua said, “I congratulate SGX and Oslo Børs on the signing of this MOU. The MOU will enhance the attractiveness of the two exchanges as destinations for listings by shipping, offshore and energy companies, as well as those in other sectors.This will in turn reinforce the standing of Singapore and Norway as international maritime and financial centres. This collaboration will also boost Singapore’s efforts to position itself as a leading shipping and maritime hub in Asia.

”Mr Hsieh Fu Hua, CEO of SGX added, “We are very pleased to co-operate with the OsloBørs. This co-operation complements our Asian gateway strategy. Companies from Asia and Europe in the energy, offshore and shipping sectors will be better profiled and benefit from the larger investor pool. Investors on both our bourses will also have a greater selection of investment choices.

”Mrs Bente A Landsnes, CEO of Oslo Børs ASA said, “A co-operation between SGX and Oslo Børs supports the fact that both Singapore and Norway has long, and to a great extent, similar traditions when it comes to shipping and energy-related industries. At OsloBørs we are proud to join this exciting co-operation, and we have great expectations on behalf of the companies that choose to list their shares on both exchanges.”

Source: Bob’s guide, 09.07.2009

Filed under: Asia, Exchanges, News, Singapore, , , , , ,

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