SGX

SGX: Is proposing a new regulatory framework for secondary listing on the exchange. Under the proposed framework, the regulatory oversight for secondary listings is with the regulator of the exchange where the company has its primary listing. This applies to 23 Developed Markets, and SGX will not impose additional listing obligations. As this is in the consultation phase, no timing for implementation has been given yet. If implemented, this should help to widen the number of listed companies on the local exchange and also enhance the trading activities on the local bourse. However, as observed from most current secondary listings, the bulk of the trading activity for a company is still largely confined to its primary listing exchange. OCBC maintains HOLD on SGX with a fair value estimate of $7.22.