MANILA, Philippines — Shares in Emperador Inc. surged Thursday as the company moves closer to a secondary listing in Singapore.
Emperador finished trading up 6.13% to P18 per share, outperforming 0.97% gains of the main index.
In a regulatory filing on Thursday, the brandy giant said it already submitted the necessary documents for its planned secondary listing on the main board of the Singapore Exchange, which would review the application.
The company did not disclose the number of shares it would list in Singapore and the planned listing price. It also did not provide a timeline for the offer.
Once the application in Singapore is approved, Emperador will remain a publicly-listed company at home and its shares will trade in both exchanges at the same time.
“This is a significant momentous event for Emperador. Singapore, one of the world’s major financial hubs, will provide a broader audience and greater access to international investors,” Winston Co, company chief executive, said.
The listed liquor unit of tycoon Andrew Tan reported a net profit to owners amounting to P5.1 billion from January to June, jumping 53% year-on-year.
Meanwhile, six-month revenues across its global operations rose 18% on an annual basis to P25.3 billion. The company attributed its performance to “the gradual easing of quarantine restrictions in various parts of the world.”
In August, Emperador was booted out of the 30-member Philippine Stock Exchange index after a review of the indices, sending its shares down. But the announcement of its dual-listing plan — as well as an expected price correction after reaching oversold levels — managed to reverse the sell-off.
“The eventual listing in Asia’s leading exchange will also provide a platform to showcase Emperador as a global spirits company,” Co said.