Singapore Stock Exchange Listing
9th January 2006
Genting International PLC, whose shares were already listed on the Luxembourg Stock Exchange, recently became the first company incorporated in the Isle of Man to obtain a listing of its shares on the Main Board of the Singapore Stock Exchange. In addition to listing its existing shares, Genting International completed an initial public offer of a further billion shares which raised a total of Singapore $350,000,000. The initial public offer was very well received by both institutional and retail investors and was many times over-subscribed.
The company has business interests around the globe, with particular emphasis on south-east Asia and Europe, and its principal activities include resort development, gaming operations and IT related services.
IFG International Limited provide corporate administration services to the Genting group and IFG director, David Harris, said “This was an exceedingly complex exercise which, although centred principally on issues in the Isle of Man and Singapore, involved professional advisors in numerous jurisdictions and took many months to complete. The documentation involved was extensive and everyone concerned had to put in long hours to ensure that the transaction went smoothly. We are delighted with the success of the listing and believe that it will help to raise the profile of the Isle of Man in Asia”
Cains advised Genting International on Isle of Man law and Mike Edwards commented “The Singapore Stock Exchange has extremely high standards and all companies seeking a listing must satisfy the authorities that they can meet those standards. The size of the listing and the fact that the Singapore authorities were not familiar with Isle of Man companies meant that a significant amount of work was required from the team at this firm and IFG to enable the very tight timetable to be met. This was the biggest listing in Singapore in 2005 and it received enormous media coverage in the region.”
The IFG team working on this transaction comprised David Harris, Kathy Harding and David Quayle and the Cains team included Mike Edwards, Steven Quayle and Stephen Rodd.
For further information please contact Mike Edwards. |
