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Business Times
27-05-2025
- Business
- Business Times
Drawing secondary listings to SGX may not move the needle much, but every little bit helps
AMONG the recent slew of proposals unveiled to boost the attractiveness of the local bourse to investors and companies was one relating to secondary listings. The Monetary Authority of Singapore (MAS) proposes aligning disclosure requirements with baseline international disclosure standards, which are already commonly adopted by most established markets, including Singapore. Specifically, these include the International Disclosure Standards for Cross-Border Offerings and Initial Listings by Foreign Issuers, as issued by the International Organization of Securities Commissions (Iosco). In essence, these standards allow issuers who already have primary listings elsewhere to use the same prospectuses with minimal adaptation for their secondary listing on the Singapore Exchange (SGX) – a change which simplifies disclosure requirements. Market players are in favour of the proposal, saying it will attract more companies from varied sectors, thus offering more choice to investors. An SGX spokesperson reiterates the point: 'As an international listing venue, our role is to provide companies with seamless and broad access to capital at every stage of their growth.' BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up For companies with international operations – especially those active in South-east Asia and the broader region – a secondary listing in Singapore offers a compelling opportunity to tap into the deep pools of global capital here, to broaden and diversify their investor base, and to elevate their visibility in a trusted financial hub, SGX added. The spokesperson noted: 'We have been actively engaging companies and see growing interest from firms looking to use Singapore as a launchpad to expand their global and regional presence.' Market sources say that sizeable firms in the tech, healthcare and new-energy sectors are eyeing Singapore as a possible destination for a secondary listing. Their market capitalisation ranges from over S$700 million to over S$1 billion. At these market capitalisation amounts, the new joiners would be on par with the likes of steel fabricator BRC Asia and property and hotel player OUE, in terms of market sizes. Clifford Lee, DBS' global head of investment banking, said these listings help 'diversify our equity market beyond the local bank-Reit core, to include growth areas like technology and healthcare.' He noted that 'this could trigger a flywheel effect, under which fund managers are incentivised to develop Singapore market strategies, thus boosting trading volumes and, as a result, attracting more listings. Dual-listed stocks allow Asian investors to deal in Singapore hours and Singapore dollars, reducing foreign exchange and time-zone friction, further unlocking regional liquidity pools'. The SGX spokesperson told The Business Times that there is a good pipeline of issuers looking at secondary listings on SGX. 'We are also in active discussion with many potential listing aspirants on their listing plans on SGX.' For companies eyeing a secondary listing in an alternative market, the proposed rule changes are likely to give them a nudge in the right direction. At the moment, the number of secondary listings – 28 – is a small fraction of the approximately 600 listings on SGX's mainboard and Catalist. But they do have name recognition. Among the 28 are several long-time secondary listings, including DFI Retail, Hongkong Land, Mandarin Oriental and Jardine Matheson, all of which are part of Hong Kong's Jardine Group. There are also relatively new – but well-known – names such as the New York Stock Exchange-listed Nio, a Chinese manufacturer of premium smart electric vehicles, and private healthcare service provider IHH Healthcare. To James Leong, the chief executive officer of trading firm Grasshopper Asia, a company which opts for a secondary listing can 'gain access to new capital pools, increase brand recognition and generally increase liquidity and visibility for the stock. For the market, it provides interesting new products that investors may lack'. One of the recent secondary listings on SGX is PC Partner Group, which has its primary listing on the Hong Kong Stock Exchange. It joined SGX's mainboard last November. The global computer electronics player relocated its headquarters to Singapore 'to support and manage the group's continued business growth in South-east Asia and other regions', which points to Singapore's ability to attract capital. The group added that it plans to leverage Singapore's advantages as a global hub of innovation and technology and to expand into the region. Whether more such companies will follow in PC Partners' path is the question, notwithstanding reports that some interested candidates are waiting in the wings. Grasshopper's Leong said: 'While there are definitely companies that would be interested, the decisions are typically contingent on costs and other opportunities – that is, can other markets offer the same value?' He notes that there are many who are still heading to Nasdaq or the New York Stock Exchange, 'because of the probability of higher valuations that are possible and the immense liquidity in US markets'. But the US market is not meant for the faint-hearted, with the many companies there clamouring for investor attention. Given the turmoil in the markets caused by the chop-and-change strategy of US President Donald Trump, it is possible that many candidates in the region may rethink their plans and look closer to home instead. If Singapore can capture a few more listings, be they secondary or primary listings, it cannot hurt. Every little bit helps in creating a more vibrant marketplace for investors.
News24
29-04-2025
- Automotive
- News24
Easter 2025 road deaths drop by 32.5%, says transport minister Barbara Creecy
Transport minister Barbara Creecy has announced a significant reduction in road crashes and fatalities over the 2025 Easter holiday period, marking what she described as 'the lowest number of crashes and fatalities we have seen for the last three years.' Speaking at the official release of the 2025 Easter Road Safety Report in Pretoria, Creecy attributed the improvement to early campaign mobilisation, increased law enforcement visibility, and collaborative partnerships with civil society, government entities, and the private sector. 'Crashes were reduced from 209 in 2024 to 141 in 2025, which is a 32.5% overall decrease compared to last year,' Creecy said. Fatalities were reduced from 307 in 2024 to 167 in 2025, which is a 45.6 percent decrease. While the overall trend across the country was positive, the minister noted that not all provinces recorded improvements. 'All provinces recorded decreases except Eastern Cape and Mpumalanga, which both recorded an increase,' she said. Notably, Mpumalanga saw an increase in fatalities, from 22 in 2024 to 28 in 2025—a 27.3 percent rise. The department of transport launched its Easter road safety campaign on 20 March 2025, ahead of the long weekend travel period. The campaign involved collaboration with civil society organisations, public transport operators, the religious sector, and influential individuals to promote education and awareness among drivers, passengers, and pedestrians. Creecy said: We had critical routes and had agreed that visible patrols on those routes would form the cornerstone of our traffic police deployment strategy. Consequently, when the Easter peak travel period came, we were well prepared. She identified three primary factors behind the reduction in incidents: Widespread and consistent law enforcement operations across all nine provinces; Co-ordinated action by national, provincial, and local government authorities; and Significant partnerships between civil society and government, especially through the 'It Begins with Me' campaign, which influenced driver behaviour. Law enforcement efforts during the Easter period, from 17 to 21 April, were extensive. Key statistics from these operations include: 177 584 vehicles stopped and checked; 44 505 traffic fines issued; 2 018 vehicles discontinued; 1 536 vehicles impounded; 941 drivers arrested for drunk driving; 89 drivers arrested for excessive speeding; 12 pedestrians arrested for jaywalking; 8 drunk drivers arrested for attempting to bribe officers. According to Creecy, these figures reflect the department's focus on visibility and firm enforcement measures. She emphasised that the successes achieved are the result of combined efforts across various sectors and called for continued collaboration moving forward. The Minister addressed key stakeholders during her briefing, including the deputy minister of transport Mkhuleko Hlengwa, the CEO of the Road Traffic Management Corporation (RTMC) Advocate Msibi, the CEO of the Cross-Border Road Transport Agency (CBRTA), the Registrar of the Road Traffic Infringement Agency, the Chairperson and CEO of SANRAL, as well as Chiefs of Law Enforcement. In closing,Creecy reaffirmed the importance of joint responsibility and behavioural change in addressing road safety, noting that while progress had been made, ongoing commitment would be essential in the months ahead.
