The firm's Singapore office has been on a recruitment drive since the beginning of this year leungchopan
Asian Legal Business Online reports that incidents at companies such as China’s KXD Digital Entertainment have damaged the reputation of others listed on the Singapore Exchange, forcing the company to beef up its listing rules.
The exchange is hoping that by cleaning up its act it will attract larger firms to go public in the city state. Commented David Gerald, president of the Securities Investment Association of Singapore: ‘Retail investors will reap significant benefits in terms of having wider access to new IPOs. At the same time, they can be better assured that companies listed on SGX are of good standing and quality.’
Under the revised rules – which take effect on 10 August – companies looking to list on the exchange must have a market capitalisation of at least S$150 million ($119.2m), have made a profit in their last financial year, and have an operating track record that stretches back at least three years.
Indonesia bank rules
Elsewhere, Indonesia’s central bank has also set its own new rules regarding ownership limits in local financial institutions.
ALB reports that the limit will be set at a maximum of 40 per cent, but allows exemptions that open the door for DBS Group’s $7.2 billion bid for Bank Danamon. The regulations will also see Bank Indonesia approve higher levels of ownership if the deals involve listed banks with strong financial health, including tier 1 capital above 6 per cent.