The Tel Aviv Stock Exchange (TASE) and the Singapore Exchange (SGX) today announced a partnership focused on growing capital raising opportunities for companies, particularly in the technology sector.
The two stock exchanges will work together to support technology and healthcare companies that are looking to tap the capital markets to fund their growth plans in Asia and globally. The two exchanges will pro-actively engage with technology companies seeking to penetrate Asian markets, to list on both exchanges. This will include assisting companies during the pre-listing stage, facilitating the listing process, and providing issuers with post-listing support by leveraging the exchanges’ network and platforms.
Israel enjoys the world's highest per capita number of startups, venture capital investments and amount of R&D spending. Singapore, with the government’s supportive policies and commitment to invest in research and innovation, has an established reputation as one of the strongest and most diverse startup ecosystems globally. In a recent 2018 Global Startup Ecosystem Report, Tel Aviv and Singapore were among the top 10 ecosystems in the world.
Besides listings, SGX and TASE will explore other related areas of collaboration, including the potential development of a private market eco-system in Israel and enhancing the post-trade connectivity and services between the two markets.
SGX CEO Loh Boon Chye said, "TASE has access to one of the world’s largest populations of technology startups and a rapidly expanding R&D hub in the technology and biotech space. Our partnership with TASE complements SGX’s efforts to strengthen our technology sector, as well as Singapore’s ambitions to be a global technology and R&D hub. We look forward to collaborating with TASE to help companies raise funds on SGX’s international platform, while jointly strengthening our ecosystems and broadening investors’ accessibility to these companies."
TASE CEO Ittai Ben-Zeev said, "The partnership agreement between TASE and SGX creates a unique value proposition for Israeli tech companies. For the first time, Israeli companies will be able to raise funds on both markets simultaneously. Dual-listing or performing a simultaneous IPO on both exchanges can assist Israeli issuers in increasing liquidity and gaining attractive valuations from a broad Asian investor base while ensuring domestic demand. We see a huge potential in SGX as a global tech hub, and as a gateway to Asian capital markets through quick and efficient fund raising process. The Israeli tech companies will be evaluated by a global and professional investor base while "staying at home". This partnership is part of our focus to support the Israeli innovation and technology development and provide the Israeli public to invest in the top tier tech companies in Israel. We would like to thank SGX for their vote of confidence in the TASE and the Israeli economy; we look forward to realizing together the great potential of this partnership."
Published by Globes [online], Israel business news - www.globes-online.com - on May 14, 2018
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