Emperador Inc., the liquor unit of the Andrew Tan group of companies, reported that the Singapore Exchange Securities Trading Limited (SGX-ST) has given it a conditional eligibility-to-list (ETL).
In a disclosure to the Philippine Stock Exchange, the firm said the ETL is its proposed secondary listing by way of introduction on the Main Board of the SGX.
“The ETL is not to be taken as an indication of the merits of the Secondary Listing, the Company or its subsidiaries, or the shares of the Company,” Emperador noted.
Emperador Chief Executive Winston S. Co said “We would like to express our utmost gratitude to the Singapore Exchange (SGX) for working with us over the past several months to achieve this significant milestone.
“We believe that the ETL is an affirmation of Emperador’s DNA as a truly global company, given our leading positions in brandy and whisky and established footprint in over 100 countries,” he added.
Co also noted that, “we 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.” The ETL is subject to fulfilment of certain conditions, including the submission of certain confirmations and undertakings by the Company to the SGX-ST.
The receipt of the ETL is one of the requirements which has to be met in order for Emperador to proceed with the Secondary Listing. The Secondary Listing is also subject to 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,” Emperador said.
It added that, “The Company will announce material updates in respect of the Secondary Listing in accordance with the relevant regulations.” Co said earlier that, “Singapore, one of the world’s major financial hubs, will provide a broader audience and greater access to international investors.” “The eventual listing in Asia's leading exchange will also provide a platform to showcase Emperador as a global spirits company,” he said.