SGX sets new rules to enable dual US-Singapore listings
An SGX sign is pictured at Singapore Stock Exchange July 19, 2017.
PHOTO: Reuters file
Singapore Exchange (SGX) on Thursday (April 30) announced new listing rules for its Global Listing Board, including a minimum market capitalisation, to facilitate simultaneous listings on Nasdaq and the city-state bourse.
Announced in November, GLB is a partnership with Nasdaq to provide a direct pathway for companies to list in both the United States and Singapore.
Here are some more details:
Under the rules, companies seeking a GLB listing must have a minimum market capitalisation of $2 billion at listing, with at least 15 per cent of the fundraising, or $75 million, whichever is higher, raised in Singapore.
To support harmonised listings, SGX's regulatory arm has aligned the GLB approval timeline with Nasdaq's, allowing issuers to receive their eligibility letter soon after US bourse approval.
SGX's regulatory arm said the rules are expected to take effect in the middle of the year, subject to regulatory amendments, without specifying a date.
The new listing rules will facilitate simultaneous listings by harmonising timelines and submission processes with those of Nasdaq, SGX said.
"We have focused on simplifying the dual-listing process while ensuring sufficient allocation to the Singapore market," said Tan Boon Gin, CEO of Singapore Exchange Regulation.
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