SGX seeks Israeli IPOs under aegis of Economy Ministry
May 22, 2015, category: Finance,General,investment
JERUSALEM – 17th May 2015 – The Singapore Stock Exchange (SGX) is visiting Israel this week aiming to meet Israeli companies and to raise the stock exchange’s profile, as well as to scout for companies with the potential to be listed there.
During their visit in Israel, the SGX representatives will be hosted by the Gross Kleinhendler, Hodak, Halevi Greenberg & Co. Law Firm in Tel Aviv for a joint seminar with Canaccord Genuity Singapore. The seminar will focus on opportunities for Israeli companies in raising capital in Singapore. The Europe and Middle East director from SGX, the CEO of Canaccord Genuity Singapore and the CEO of CapBridge, a platform for joint investments by the SGX and Singaporean venture capital funds, will be among those speaking.
Ms. Ron Snir, head of the economic and trade mission of Israel to Singapore for The Foreign Trade Administration in the Israel Ministry of Economy, said: “The SGX’s IPO platform presents a real opportunity for Singaporean investors interested in investing more easily in Israeli companies. Local investors are troubled by the great geographic distance, large sums sought by companies raising capital and mainly by their lack of familiarity with the Israeli market. The fact that the offering necessitates underwriters and local banks to perform due diligence on the companies, assures potential investors that companies are a good fit with markets in the area and also vouches for the quality of management. This adds to the Singaporeans’ confidence in investing in Israeli companies and does this through a platform which is at nearby, both physically and mentally. I believe we will see the first IPO this year and we are investing efforts in bringing companies on Road Shows in order to examine their suitability to local tastes. Additionally, Singapore offers a unique and interesting alternative for going public with the benefits of English language, British-based Singaporean law and political stability which leads to regulatory stability. These all combine to make the local stock exchange attractive internationally.”
Two Israeli companies are currently traded on the SGX. The first is Sarine, a diamond-cutting company, which listed a decade ago and is trading successfully. The second is Sela Capital which raised half a billion dollars 18 months ago and which deals in real estate properties in Europe.
According to the Foreign Trade Administration in the Israel Ministry of Economy, trade between Israel and Singapore stands at US$1.6 billion over the past few years, divided approximately equally between exports and imports. Singapore is Israel’s most significant trade partner in Southeast Asia.
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