- Equal number of Australian and Singaporean directors
- Commitments to maintain operations, assets and key staff in Australia
- Commitments to invest in, develop and introduce new products and services in Australia and Singapore
ASX Limited (ASX) and Singapore Exchange Limited (SGX) have agreed to make changes to the governance arrangements of, and provide further commitments in connection with, their merger proposal, which will strengthen the development of the financial services sectors and the national interests of both Australia and Singapore.
This follows engagement by both parties with a wide range of stakeholders since the merger proposal was announced on 25 October 2010.
David Gonski AC, Chairman of ASX, said: “Recent developments in global exchange mergers affirm the judgement of the ASX Board that ASX must participate in regional and global consolidation. “The changes and commitments announced today, combined with existing regulatory protections, strengthen our belief that the ASX-SGX merger proposal is in the best interests of shareholders and in the national interest of Australia.”
Chew Choon Seng, Chairman of SGX, said: “These commitments demonstrate SGX’s belief in the merits and benefits of the merger, address concerns that have been expressed, and provide further clarity as to how the merged entity will operate in the future to create growth and deliver value for shareholders and all stakeholders.”
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