The Memorandum of Understanding (MoU) for dual listing was signed 8 July 2009 between Singapore Exchange Limited (SGX) and Oslo Børs and marks the first formal cooperation between the two exchanges. It also represents the first dual-listing cooperation with a sector focus between Singapore and Norway. The MoU was signed to strengthen cooperation and their capital markets.
Present at the ceremony yesterday in Singapore was Mrs Lim Hwee Hua, Minister in the Prime Minister’s Office and Second Minister for Finance and Transport, Singapore, Mrs. Bente Landsnes, CEO of Oslo Børs ASA, Mr J. Y. Pillay Chairman of Singapore Exchange, Mr Hsieh Fu Hua, CEO of SGX and Her Excellency, Ms Janne Julsrud, Ambassador for the Royal Norwegian Embassy in Singapore.
The co-operation aims to promote dual listings of companies listed on each other’s exchange. Under this MoU, Oslo Børs and SGX will institute a framework to enable and facilitate dual listing through mutually agreed listing rules and processes. The dual listing cooperation will begin with companies in the energy, offshore and shipping sectors which are key sectors common to both exchanges. The cooperation is expected to further strengthen these sectors and both capital markets. Another area of cooperation is joint marketing and promotion activities.
Minister Lim Hwee Hua said, “I congratulate SGX and Oslo Børs on the signing of this MOU. The MOU will enhance the attractiveness of the two exchanges as destinations for listings by shipping, offshore and energy companies, as well as those in other sectors. This will in turn reinforce the standing of Singapore and Norway as international maritime and financial centres. This collaboration will also boost Singapore's efforts to position itself as a leading shipping and maritime hub in Asia.”
Mr Hsieh Fu Hua, CEO of SGX said, “We are very pleased to cooperate with the Oslo Børs, the cooperation represents a new milestone for SGX. It opens up a new growth area for listings and strengthens our Asian gateway strategy to build a stable of quality companies in the energy, offshore and shipping sectors.”
Mrs. Bente Landsnes, CEO of Oslo Børs ASA said “cooperation between SGX and Oslo Børs support the fact that both Singapore and Norway has long, and to a great extent, similar traditions when it comes to shipping and energy-related industries. At Oslo Børs we are proud to join this exciting co-operation, and we have great expectations on behalf of the companies that choose to list their shares on both exchanges.”
Read more here:
Oslo Børs
Straits Times: SGX, Oslo Bors ink deal
Business Times: Norwegian firms eyeing secondary listing