SGX, Tel-Aviv to pursue tech, healthcare firms for dual listings

Singapore Exchange (SGX) and the Tel-Aviv Stock Exchange (TASE) are teaming up to get technology and healthcare companies to list on both exchanges, they announced yesterday.

The two exchanges will "proactively engage" firms seeking to penetrate Asian markets. This initiative includes assisting companies during the pre-listing stage, facilitating the listing itself and providing issuers with ongoing support.

The bourses are also exploring other areas of collaboration, including the potential development of a private market ecosystem in Israel and enhancing the post-trade connectivity and services between the two markets.

SGX chief executive Loh Boon Chye said in a statement: "TASE has access to one of the world's largest populations of technology start-ups and a rapidly expanding research and development hub in the technology and biotech space.

"Our partnership complements SGX's efforts to strengthen our technology sector, as well as Singapore's ambitions to be a global technology and R&D hub."

TASE chief executive Ittai Ben-Zeev added: "For the first time, Israeli companies will be able to raise funds on both markets simultaneously.

COMPLEMENTARY PARTNERSHIP

TASE has access to one of the world's largest populations of technology start-ups and a rapidly expanding research and development hub in the technology and biotech space.

SGX CHIEF EXECUTIVE LOH BOON CHYE, on the Tel-Aviv Stock Exchange.

"Dual listing or performing a simultaneous IPO (initial public offering) on both exchanges can assist Israeli issuers in increasing liquidity and gaining attractive valuations from a broad Asian investor base while ensuring domestic demand.

"We see a huge potential in SGX as a global tech hub, and as a gateway to Asian capital markets through quick and efficient fund-raising process."

The SGX was talked about in March as a possible bidder for TASE, which recently sold a 19.9 per cent stake to investment fund Manikay Partners as it heads towards a potential IPO by the year end.

It also sold about 21.8 per cent of its shares to unspecified investors.

A version of this article appeared in the print edition of The Straits Times on May 15, 2018, with the headline 'SGX, Tel-Aviv to pursue tech, healthcare firms for dual listings'. Print Edition | Subscribe