After S-Chips Fiasco, SGX now wooing Indian listings

[SNAblog]

http://www.business-standard.com/in...enew-listings-for-singapore-exchange/91909/on

India attractive source of listings for Singapore Exchange
Press Trust of India / Singapore April 21, 2010, 11:04 IST

Singapore Exchange (SGX) sees India as an attractive source of listing new companies, Head of Listings at SGX Lawrence Wong said today.

"In return, we offer an international listing platform with breadth and depth, an economy that is a spring board to South East Asia and North Asia, and sector strengths such as Marine, Offshore and Energy, REITs and Property Trust, Resources and Commodity Trading to name a few," he told PTI.

Wong also stressed on close cultural and political ties between Singapore and India.

Four Indian companies as well as nine Indian Global Depository Receipts and a number of bonds are listed on the SGX.

Meanwhile, a number of Indian companies are planning Initial Public Offers (IPOs) out of Singapore for listing on the SGX.

"SGX welcomes all good quality Indian companies to list on SGX, either via a primary or secondary listing or via products such as REITs and Business Trust," said Wong.

SGX also offers two listing platforms - the Main Board that is suitable for more established companies and Catalist that is designed for growth companies.

The rules of the two platforms are equally applicable to all listed companies regardless of their origin.

Wong also highlighted the SGX's increased activities over the last six months.

SGX has launched 12 new listings in the second quarter of financial year 2010, and seven new listings in the third quarter.

Meanwhile, banking sources said Indian heavyweight property groups such as DLF Ltd and Unitech Ltd are planning to revive IPOs out of Singapore.

DLF has SGD 1.5 billion IPO plan and Unitech SGD 500 million, both of which were delayed due to the 2008-09 global financial crises.

Some 4,000 Indian companies are operating out of Singapore, especially targeting the Southeast Asian and China markets.

These companies are also enjoying lower trade tariffs under the India-Singapore Comprehensive Economic Cooperation Agreement, which came into effect in 2005.

 

[borom]

]

Business Times - 24 Jun 2011......

HOW is it that fundamentally good companies are delisting from the Singapore Exchange (SGX) or seeking a dual listing elsewhere while S-chips, tainted by dubious accounting and governance practices, are still listed and in many cases enjoyed rises to record highs over the past few years?
.............. financially sound and profitable companies like Soilbuild, MCL Land, Allgreen Properties and Pertama have either departed SGX or are in the process of going private......Many others have either successfully sought a dual listing in Hong Kong or Taiwan, or are in the process of applying....

This is a 'hollowing out' of the local market which resembles the exodus in the late 1990s ......creating a void which the local market has never been able to properly fill....... So how has it gone so wrong........?

The answer lies in the failure of the existing approach to regulation.......if the corporate governance system is not disciplining managers effectively, entrepreneurs will not be able to make credible commitments to outside investors that the latter will be treated fairly after their initial investments have been made ... thus where a corporate governance system is not functioning well, there will be relatively few public offerings'. .....it is also a sign of malfunctioning governance......that third-rate China companies with dodgy financials and shady accounting could have qualified for a listing here and see their stock prices shoot upwards after listing while solid companies are queueing up to exit the market at discounted prices.
...................A revamp of present governance arrangements should start by questioning everything, ...........
how it is that no one has yet been held accountable for the S-chip fiasco, where some of the developments are so farcical that they defy belief....................present practice where stocks can remain in limbo for years with zero information.............

http://www.businesstimes.com.sg/sub/companies/story/0,4574,444604,00.html?

While the present govt not only does nothing to punish these crooked PRC's,it is in fact opening the doors to more of the same from India and mark my words, later on the the Filipinos.
What is happening in the labour force will be similarly duplicated in the stock exchange, i.e mass import of poor quality foreigners followed by low quality foreign companies.
There will be a flight of quality from this red dot,sadly many talented locals as well.

Have you heard Tony Tan ( former banker, Finance Minister, Minister for Trade & Ind, Deputy PM, V Chm GIC) uttered a word on these financial market matters?
Will you vote for such a man who keep quiet while foreigners come in and rip us off?

 

[singveld]

WOW, there is no limited to the greed of PAP dogs.

jump from hot pan to furnace to rob peasant of their savings.

 

[johnny333]

Spore is well known for money laundering

The setting up of these fraudulent companies is just an extension of the laundry biznesses