Emperador obtains Conditional Listing Eligibility in the Singapore Exchange, SGX

Liquor conglomerate Emperador Inc. announced last Wednesday that it obtained “conditional” listing eligibility on the Singapore Exchange (SGX) in its bid to achieve dual listing status in the Philippines and Singapore.

Emperador, known as the world’s biggest brandy producer, stated that its proposed SGX debut will be a listing by way of introduction.

Singapore is widely regarded as a leading financial hub, and through the company’s listing, Emperador would gain exposure to foreign investors without having to conduct an initial public offering.

By Wednesday’s close, the news surged Emeprador’s share price by almost 22% to P17.10 per share.

“We would like to express our utmost gratitude to the Singapore Exchange for working with us over the past several months to achieve this significant milestone,” Emperador CEO Winston Co said in a statement.

“[W]e believe that our entry into the SGX should pave the way for other Philippine companies with a global reach to list in the SGX, providing greater access to international investors,” he added.

The company states that the conditional eligibility-to-list, or ETL, is a key requirement before it can proceed with a secondary listing. The ETL thus is subject to certain conditions, including the submission of “certain confirmations and undertakings by the company” to the Singapore Exchange Securities Trading Ltd.
Emperador notes that the listing depends on prevailing market conditions.

“The board of directors of the company will consider the appropriate time to proceed with the secondary listing, having regard to market conditions, investor feedback, and any other relevant factors,” the company said.

The company made its PSE trading debut in 2011 and currently has a market value of about P234 billion.

Emeprador’s latest financial disclosure to the PSE showed a 25% increase in profits to P7.36 billion as revenues shot up 11% to P38.86 billion.

Previously, the company announced plans to boost its international sales to 50% of revenues and profits by 2025.

Source: Inquirer