Singapore Exchange Limited (SGX) proposes revisions to its Mainboard admission criteria to enhance Singapore’s position as a capital market of choice, offering two distinct listing platforms catering to the needs of companies of varying profile.
SGX Mainboard is positioned for more established companies with longer track record while SGX Catalist caters to fast growing companies under a sponsor-supervised regime.
Applicants for listing on Mainboard must fulfill one of the following admission criteria:
a) Companies must be profitable in the latest financial year and have an operating track record of three years and a market capitalisation of at least S$150 million based on the issue price and post-invitation issued share capital;
OR
b) Companies must have generated operating revenue in the latest financial year and a market capitalisation of at least S$300 million based on issue price and postinvitation issued share capital
The proposed Mainboard admission criteria will also apply to reverse takeovers. Catalist companies that are seeking a transfer to the Mainboard must meet criterion (a).
SGX is also proposing the listing of Special Purpose Acquisition Companies (SPACs). SPACs are cash pools seeking to acquire viable businesses through public funding. SGX has formulated a separate listing framework for such vehicles. SPACs seeking a listing must also meet a minimum S$150 million market capitalisation.
In addition, SGX is seeking public comments on the formalisation of the temporary measures introduced in early 2009 to facilitate secondary fund raising.
The consultation paper is available on clicking here.
Market participants and members of the public are encouraged to participate in this public consultation. The consultation period will be from 6 January 2010 to 3 February 2010. SGX will be engaging key stakeholders proactively for their feedback.
All feedback and suggestions for the proposed revisions should reach SGX by 3 February 2010 via email, post/courier or fax:-
Email: lm@sgx.comFax: (65) 6535 7919
Post/Courier: Singapore Exchange
Attention: Ms Hilda Chia
Risk Management and Regulation
2 Shenton Way #19-00
SGX Centre 1
Singapore 068804
