SINGAPORE – Manila-listed liquor company Emperador started trading on the mainboard of the Singapore Exchange (SGX) at 43.5 cents on Thursday (July 14).
The company opted for a secondary listing by way of introduction and did not sell new shares. It is the first Philippine Stock Exchange-listed company to conduct a secondary listing on the SGX. The stock closed at 45 cents with 6.1 million shares changing hands.
Mr Bryan Donaghey, head of the company’s whisky business, said Emperador chose to list in Singapore to take advantage of its status as a global financial hub.
SGX chief executive Loh Boon Chye added that the bourse’s connectivity to Asia and access to a broad international investor base in Singapore would enable Emperador “to tap a global and more diversified liquidity pool to support it in its growth journey”.
Mr Donaghey said Emperador has no current need to raise additional funds for expansion but has plans to generate an additional 50 per cent of sales through organic growth outside the Philippines by 2025.
Emperador said it is the biggest whisky company in the Philippines and the largest brandy company in the world.
Its Emperador Brandy was launched as the Philippines’ first brandy label in 1990.
The company acquired Whyte & Mackay, which makes the Dalmore, Jura and Tamnavulin single malt whiskies, in 2014.
“We have a stable of whisky brands that caters to consumers at different price points,” Mr Donaghey said. He added that global demand for Dalmore exceeds supply.
In 2016, the company acquired Spain’s Bodegas Fundador, the world’s largest brandy distributor, from Japanese company Beam Suntory.
Emperador reported revenues of 55.9 billion Philippine peso (S$1.39 billion) for the 12 months to Dec 31, 2021, up 6 per cent from the year before, while net profit amounted to 10 billion peso, up 25 per cent, according to company filings.
The company is 85 per cent-owned by Alliance Global Group, a publicly listed conglomerate in the Philippines with diversified investments in real estate development, food and beverage, quick-service restaurants and tourism-entertainment and gaming businesses, according to company filings.
Alliance Global Group is run by Dr Andrew Tan, who is also chairman of Emperador and one of the Philippines’ richest businessmen. Dr Tan also runs Megaworld Corporation, the country’s largest residential and office developer.
Emperador is the second major company to conduct a secondary listing on the SGX this year, after Chinese electric vehicle maker Nio’s debut in May.
It is the second regional spirits company listed on the SGX. Thai Beverage, Thailand’s largest bottler and distributor of whisky and rum, is also listed on the mainboard and a component stock of the Straits Times Index.
Emperador last traded in the Philippines at 17.42 peso and has a market capitalisation of 274 billion peso.