This MOU marks the first formal co-operation between the two exchanges. It also represents the first dual listing co-operation with a sector focus between Singapore and Norway.
The MOU will be signed at a ceremony in Singapore on 8 July 2009 at 5.30pm,witnessed by Mrs Lim Hwee Hua, Minister in the Prime Ministerâs Office and SecondMinister for Finance and Transport, Singapore. Minister Lim will be joined by HerExcellency, Ms Janne Julsrud, Ambassador, The Royal Norwegian Embassy, Singapore;and Mr J Y Pillay, Chairman of Singapore Exchange.
The proposed co-operation aims to promote the secondary listing of companies listed oneach otherâs exchange. SGX and Oslo BÃ¸rs will institute a framework to enable andfacilitate dual listings through mutually agreed listing rules and processes. In addition,both exchanges will set up a process for settlement and clearing of shares traded ofthese dual listed companies. The co-operation will begin with companies in the energy,offshore and shipping sectors which are key sectors common to both exchanges. Assuch companies expand their business activities to Norway or Singapore, the dual listingframework will allow them to diversify their shareholder base, build their profile andprovide an additional fund raising venue.
Another area of co-operation is joint marketing and promotion. Both exchanges plan tocommence a series of marketing seminars to profile the sectors in both regions in thecoming months. SGX and Oslo BÃ¸rs will enhance the co-operation framework byexploring opportunities in introducing new sectors, providing regulatory updates,monitoring and governance matters.
Minister Lim Hwee Hua said, âI congratulate SGX and Oslo BÃ¸rs on the signing of thisMOU. The MOU will enhance the attractiveness of the two exchanges as destinations forlistings 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 maritimeand financial centres. This collaboration will also boost Singapore's efforts to positionitself as a leading shipping and maritime hub in Asia.
âMr Hsieh Fu Hua, CEO of SGX added, âWe are very pleased to co-operate with the OsloBÃ¸rs. This co-operation complements our Asian gateway strategy. Companies from Asiaand Europe in the energy, offshore and shipping sectors will be better profiled and benefitfrom the larger investor pool. Investors on both our bourses will also have a greaterselection of investment choices.
âMrs Bente A Landsnes, CEO of Oslo BÃ¸rs ASA said, âA co-operation between SGX andOslo BÃ¸rs supports the fact that both Singapore and Norway has long, and to a greatextent, similar traditions when it comes to shipping and energy-related industries. At OsloBÃ¸rs we are proud to join this exciting co-operation, and we have great expectations onbehalf of the companies that choose to list their shares on both exchanges.â