Emperador to pursue secondary listing on Singapore Exchange | Inquirer Business
Close  

Emperador to pursue secondary listing on Singapore Exchange

/ 05:26 AM August 19, 2021

After bowing out of the local main share Philippine Stock Exchange index (PSEi), tycoon Andrew Tan-led multinational liquor-maker Emperador Inc. is planning a dual listing on the Singapore Exchange (SGX) to boost its visibility in the global capital market.

Emperador has obtained approval from its board to pursue “as soon as practicable” a secondary listing by way of introduction, or without any immediate public offering, on the main board of SGX.

ADVERTISEMENT

Emperador intends to maintain its primary listing on the local stock exchange, where its stocks have been trading since a backdoor-listing in 2013. Until recently, Emperador was among the 30 companies in the closely-tracked local stock barometer PSEi.

Stronger awareness

“We believe that SGX, one of the most developed exchanges in Asia, is the appropriate secondary exchange to raise the international profile of Emperador. We are very excited at the prospect of becoming the first ever PSE-primary listed company to conduct a secondary listing [on] the SGX and are optimistic that our secondary listing will serve as a catalyst to enhance the strategic collaboration between the PSE and the SGX,” Emperador chair and founder Andrew Tan said in a press statement on Wednesday.

FEATURED STORIES

“Over the years, Emperador has established itself as a leading global spirits company with established footprint in over 100 countries and leading market positions in brandy and whisky. We believe that a secondary listing on the SGX will create stronger awareness of Emperador and its world-class brands, as well as increase our stock’s visibility and international investor participation reflective of our global operations and revenue,” Emperador president Winston Co said.

On Wednesday, its shares surged by 12.83 percent at the local stock market, giving it a market capitalization of P223 billion as the company appointed financial, legal and other necessary advisers to pursue the dual listing on SGX.

Largest in the world

Emperador is the largest brandy producer in the world and one of the largest overall spirits producers in the Philippines. Its brandy and whisky products are available in more than 100 countries.

One of the few companies that bucked the earnings downturn when the pandemic erupted last year, Emperador has sustained its robust profit momentum this year.

Second quarter net profit grew by nearly 58 percent year-on-year to P3 billion. This brought Emperador’s six-month attributable net profit to P5.1 billion, 53 percent better than last year.

Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: emperador inc., Singapore Exchange (SGX)
For feedback, complaints, or inquiries, contact us.

Curated business news

By providing an email address. I agree to the Terms of Use and
acknowledge that I have read the Privacy Policy.



© Copyright 1997-2021 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.