Emperador gets conditional listing approval from Singapore bourse

Billionaire Andrew Tan’s liquor conglomerate Emperador Inc. announced on Wednesday it had obtained “conditional” listing eligibility on the Singapore Exchange (SGX) as part of its bid to achieve dual listing status in the Philippines and Singapore.

Emperador—the world’s biggest brandy producer, and owner of overseas brands such as Fundador and Whyte and Mackay—said its proposed SGX debut would be a listing by way of introduction.

Singapore is one of the world’s leading financial hubs. Through an SGX listing, Emperador would gain exposure to overseas investors without immediately conducting an initial public offering

The news sent Emperador’s share price higher by nearly 22 percent to P17.10 per share on Wednesday’s close.

“We would like to express our utmost gratitude to the Singapore Exchange for working with us over the past several months to achieve this significant milestone,” Emperador CEO Winston Co said in a statement.

Paving the way

“[W]e believe that our entry into the SGX should pave the way for other Philippine companies with a global reach to list in the SGX, providing greater access to international investors,” he added.

Emperador said the conditional eligibility-to-list, or ETL, is one of the requirements before it could proceed with its secondary listing. It was subject to certain conditions, including the submission of “certain confirmations and undertakings by the company” to the Singapore Exchange Securities Trading Ltd.

Ultimately, Emperador said the listing would depend on prevailing market conditions.

“The board of directors of the company will consider the appropriate time to proceed with the secondary listing, having regard to market conditions, investor feedback and any other relevant factors,” the company said.

Emperador made its Philippine Stock Exchange (PSE) trading debut in 2011. It has a current market value of about P234 billion.

Its latest financial disclosure to the PSE covering the January to September period last year showed a 25-percent jump in profits to P7.36 billion as revenues were up 11 percent to P38.36 billion.

The company’s whisky and brandy products are available in over 100 countries around the world. It earlier announced plans to bring international sales to 50 percent of revenues and profits by 2025.