DGAP-News: SGX Steps Up Singapore Stock Market Transformation

Singapore Exchange Limited 

19.07.2012 02:13
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SINGAPORE, 2012-07-19 02:13 CEST (GLOBE NEWSWIRE) --
Singapore Exchange ('SGX') today introduced higher Mainboard admission
standards as it continues the transformation of the Singapore stock market,
ensuring SGX remains a competitive and relevant global exchange. 

The new criteria extend market transformation to the quality of the primary
(IPO) market, making it attractive for larger companies seeking to list. This
builds on earlier structural initiatives in the secondary (trading) market such
as the launch of Reach technology, continuous all-day trading and the reduction
in minimum bid sizes. 

SGX will also look to increase the proportion of IPO tranches allocated to
retail investors, particularly for listings which draw high retail
subscription. 

New Mainboard admission criteria

Companies intending to join SGX's Mainboard must meet one of the following
quantitative requirements: 

  -- Have a market capitalisation at IPO of not less than S$150 million if they
     are profitable in the last financial year and have an operating track
     record of at least three years
  -- Have a market capitalisation at IPO of not less than S$300 million if they
     only have operating revenue in the latest completed financial year.
  -- Have minimum consolidated pre-tax profit of at least S$30 million for the
     latest financial year and have operating track record of at least three
     years;

In addition, the IPO shares issued must be at least S$0.50 each.

The new admission criteria take into account feedback and suggestions SGX
received from the public consultation concluded in February 2010. The new
criteria are effective 10 August 2012. Details on the new criteria for
Mainboard applicants and transitional arrangements for Catalist companies
seeking to transfer to Mainboard are in Appendices A and B. These can also be
accessed from www.sgx.com/transformingthemarket. 

Mr Magnus Bocker, CEO of SGX, said: 'Our transformational journey ensures
customers coming to SGX will continue to find Asia's most competitive and
relevant capital-raising and risk management venue. Quality begets quality. The
enhanced admission standards will increase Singapore's attractiveness for
companies and investors, further strengthening its position as an international
financial centre.' 

Mr David Gerald, president of Securities Investment Association of Singapore
said, 'We welcome SGX's initiative to address key challenges the Singapore
stock market faces. I think retail investors will reap significant benefits in
terms of having wider access to new IPOs. At the same time, they can be better
assured that companies listed on SGX are of good standing and quality. More
importantly, investors can look forward to a more attractive market that has a
higher level of corporate governance overall.' 

About Singapore Exchange

Singapore Exchange is the Asian Gateway, connecting investors in search of
Asian growth to corporate issuers in search of global capital. SGX represents
the premier access point for managing Asian capital and investment exposure,
and is Asia's most internationalised exchange with more than 40% of companies
listed on SGX originating outside of Singapore. SGX offers its clients the
world's biggest offshore market for Asian equity futures market, centred on
Asia's three largest economies - China, India and Japan. 

In addition to offering a fully integrated value chain from trading and
clearing, to settlement and depository services, SGX is also Asia's pioneering
central clearing house. 


         CONTACT: Media Contacts
         
         Loh Wei Ling
         (65) 6236 8157
         loh.weiling@sgx.com
         
         
         Carolyn Lim
         (65) 6236 8139
         carolyn.lim@sgx.com
News Source: NASDAQ OMX



19.07.2012 Dissemination of a Corporate News, transmitted by DGAP - 
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Language:     English
Company:      Singapore Exchange Limited
              
               
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ISIN:         SG1J26887955
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End of Announcement                             DGAP News-Service
 
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