EMPERADOR, Inc. announced on Wednesday that it obtained a conditional eligibility-to-list (ETL) for its proposed secondary listing on the main board of the Singapore Exchange from the Singapore Exchange Securities Trading Ltd. (SGX-ST).
“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,” Emperador Chief Executive Winston S. Co said.
“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,” he added.
Mr. Co said the Singapore Exchange had been working with the company over the past months to reach the “significant milestone.”
The ETL is subject to fulfillment of certain conditions, including the submission of confirmations and undertakings by the company to the SGX-ST, with the receipt of the ETL being one of the requirements needed to proceed with the secondary listing.
Emperador said, however, that the ETL is not to be taken as an indication of the merits of the secondary listing, the company or its subsidiaries, or its shares.
“The secondary listing is also subject to, inter alia, the prevailing market conditions. The board of directors of the company will consider the appropriate time to proceed with the secondary listing, having regard to market conditions, investor feedback and any other relevant factors,” the company said.
Emperador was incorporated in the Philippines and registered with the Securities and Exchange Commission in 2001. It operates as a holding company of a global conglomerate in the distilled spirits and other alcoholic beverages business.
In March, Emperador announced that its Emperador Brandy became available at The Original Barracuda, the largest liquor shop in the United Arab Emirates.
It also owns Fundador, Spain’s oldest and largest brandy and sherry maker, and Whyte & Mackay, the fifth-largest whisky manufacturer globally.
In the third quarter of 2021, its attributable net income dropped by 14.4% to P2.18 billion.
From January to September last year, attributable net income was up 23.7% to P7.26 billion.
At the stock exchange on Wednesday, Emperador shares were up 21.97% or P3.08 to close at P17.10 apiece.