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JSE now offers secondary listings from Singapore

The Johannesburg Stock Exchange (JSE) says it has expanded its secondary listings framework, now offering secondary listings from the Singapore Stock Exchange (SGX).

This allows companies with a primary listing on the SGX to seek a secondary listing on the JSE, additionally qualifying for the fast track listing route, it said.

A company seeking a listing on the JSE may do so via a primary or secondary listing. A secondary listing means that once a company is listed on the JSE, it will only be required to comply with the Listings Requirements of the exchange where it has its primary listing.

With the fast track listing route, which has been offered by the JSE since 2014, companies with a primary listing on an accredited exchange, which now includes the SGX, do not require a pre-listing statement to list on the JSE’s Main Board or Alternative Exchange (AltX), provided they have been listed on the SGX for at least 18 months, the group said.

The foundation of the fast track listing route is that information on these applicants are well disseminated in their markets, and as such makes it an easy and seamless process to dual-list on the JSE.

Some of the benefits of a fast track listing include:

  • Expedited approval of listing between three-six weeks;
  • Fewer costs and resources are required on the basis that no pre-listing statement is required compared to a prescribed pre-listing announcement;
  • Minimal once off fees and discounted annual listing costs;
  • All dual-listings are subject to a 70% discount on JSE annual listing fees, of which fast-tracks are eligible for this discount.

“Singapore has a unique position in the global economy and plays a pivotal role as a business epicenter in Asia. The country has established itself as a reputable financial and regional trading centre and is seen as the world’s gateway to Asia,” said Valdene Reddy, director of Capital Markets at the JSE.

As part of JSE’s Asia strategy to attract new listings, Singapore is one of the countries identified to drive this growth. Our local buy-side clients are always looking to enhance the geographic diversification of their portfolios. The SGX inclusion in our list of accredited exchanges will allow for a much-needed increase to our pool of inward listed instruments in our market.”

The JSE currently affords the fast-track listing route to companies with a primary listing on the Australian Stock Exchange (ASX), London Stock Exchange (LSE), New York Stock Exchange (NYSE), NYSE Euronext, or Toronto Stock Exchange (TSX) to drive secondary listings on the JSE.

The JSE further introduced an approved list of foreign exchanges in 2018, to afford foreign companies more clarity on acceptable primary exchanges when seeking a secondary listing on the JSE.

“The addition of secondary and fast track listings from SGX enhances and supports our efforts to expand in the region. The initiative goes hand in hand with our data offering as well as other initiatives to promote South Africa as an investment destination such as the SA Tomorrow conference.

“We believe that this streamlined process will support offshore companies to quickly and efficiently access South Africa’s deep pools of capital,” said Leila Fourie, group CEO JSE.


Read: Foreigners are pulling their money out of South Africa, JSE warns

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Author: Staff Writer


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