Filipino Company Emperador Inc. Gets Nod for Secondary Listing in Singapore
Emperador Inc. has obtained a conditional eligibility-to-list (ETL) for its planned secondary listing on the main board of the Singapore Exchange (SGX), the company announced on Wednesday (April 13).
The liquor company under the umbrella of the Alliance Group of billionaire businessman Andrew Tan submitted its papers to list in Singapore in September 2021. The ETL is a requirement for Emperador’s secondary listing although the company said it planned to take its time to proceed with the listing “having regard to market conditions, investor feedback and any other relevant factors.”
In case the company proceeds with the secondary listing, it will keep its primary listing in the Philippine Stock Exchange and its stock will be traded at both the Philippine and Singaporean exchanges.
The ETL is subject to fulfilment of certain conditions, including the submission of confirmations and undertakings by Emperador to the Singapore Exchange Securities Trading Ltd.
“We would like to express our utmost gratitude to the Singapore Exchange for working with us over the past several months to achieve this significant milestone,” Emperador CEO Winston S. Co said. “We believe that the ETL is an affirmation of Emperador’s DNA as a truly global company, given our leading positions in brandy and whisky and established footprint in over 100 countries. Furthermore, we believe that our entry into the SGX should pave the way for other Philippine companies with a global reach to list in the SGX, providing greater access to international investors.”
Co had earlier said Emperador’s listing in Singapore will “provide a platform to showcase Emperador as a global spirits company.”
The liquor company said last year that it hoped its presence in the SGX “will serve as a catalyst to enhance the strategic collaboration” between the two bourses.
Emperador started by selling cheap brandy until it became one of the country’s biggest liquor companies. It has since acquired United Kingdom-based Whyte and Mackay Group Ltd., the fifth largest Scotch whisky manufacturer in the world; Bodegas Fundador S.L.U in Spain, owner of the iconic Fundador brand; and Domecq Bodega Las Copas S.L., which manufactures Mexican brandies and wines.
The company was named the largest brandy producer in the world by International Wines and Spirits in 2020.