SIIC Environment eyes dual listing in SEHK

It expects to start share trading on 23 March 2018.

The Stock Exchange of Hong Kong (SEHK) gave its in-principle approval of SIIC Environment Holdings’ dual listing, the company said.

According to SGX announcements, the company expects to issue and post its listing document on SEHK’s website on 12 March 2018 and start trading its shares at 9 a.m. (Hong Kong time) on 23 March 2018.

In connection with the proposed listing, Credit Suisse Securities (Hong Kong) Limited and Haitong International Securities Company Limited have been appointed as the designated dealer and alternate designated dealer, respectively and intend to help migrate shares to Hong Kong’s register.

Triumph Tower Limited will lend dealers Credit Suisse Securities Hong Kong and Haitong International facilities of up to 260,658,000 shares representing approximately 10% shares in issue.

CS Affiliate will also buy acquire 16,682,000 shares representing approximately 0.64% of the shares in issue, at the total consideration of HK$52.17m, equivalent to HK$3.1272 per sale shares, which is the closing price of the shares quoted on the SGX-ST on 8 March 2018.

“The Proposed Listing is still subject to the fulfilment of certain conditions under the AIP, and the granting of the final approval for the listing of, and permission to deal in, the shares on the Main Board of the SEHK by the Listing Committee of the SEHK,” SIIC Environment clarified.

“The information relating to the listing in this announcement is also subject to change. The Company will make announcements as necessary to keep Shareholders updated on any material developments,” it added.

Recently, the Singapore Exchange (SGX) has also opened its doors for companies that have a dual-class share structure. It will also launch dual-class shares by H1 2018 and expects the first dual-class listings soon.