Alliance Select Foods eyes stock trade on Singapore Stock ExchangeBy Doris C. Dumlao
Philippine Daily Inquirer
MANILA, Philippines — Alliance Select Foods International Inc. is planning a stock debut on the Singapore Stock Exchange, the first Philippine company to widen its investor base via dual listing on the local and Singapore bourses.
In a disclosure to the Philippine Stock Exchange on Tuesday, Alliance said its board had approved a resolution to list on the Singapore Exchange Securities Trading Ltd. (SGX-ST)’s Catalist by way of an offering of Singapore depository shares (SDS) representing common shares of Alliance.
The board has authorized the issuance of up to 430.29 million shares from its authorized capital stock to comprise the underlying shares which shall be deposited with a depository bank.
The SDS will be issued by a depository bank and represent a certain number of Alliance shares. They will be listed on SGX’s Catalist or second board.
The underlying common shares representing the SDS will also be listed on the PSE.
In its disclosure, Alliance said the listing of the SDS would enable it to “raise additional funds to finance its future growth.”
Alliance has mandated CIMB Bank Berhad, Singapore branch to act as its financial advisor for the proposed listing on SGX-ST.
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