Jan 14 (Reuters) - The Monetary Authority of Singapore (MAS) said on Monday it would offer grants worth S$75 million ($55 million) next month as part of the city-state’s plans to shore up listings in its equity market.
“Singapore has been working to enhance our private and public markets so that domestic and international growth enterprises are able to access different types of capital best suited to their needs,” Ng Yao Loong, Assistant Managing Director at MAS, said in a statement.
Over the past few years, SGX has taken many steps to help make Singapore an attractive listing destination in the face of tough competition from Hong Kong and regional exchanges.
The grants by the MAS seek to help issuers cover part of their IPO costs. It is also looking to enhance research of mid-and-small capitalised companies by partly funding salaries of new graduates hired as equity analysts by securities firms.
“The latest grants by MAS are timely amid evolving global equity capital market trends and opportunities,” Chew Sutat, head of equities and fixed Income at SGX, said in a statement.
SGX has become a global listing hub for business trusts and real estate investment trusts but is keen to get more regional and global firms from other sectors to list on its market. SGX, launched new rules last year to allow companies to list with dual-class shares, aimed at attracting technology or high-growth firms. ($1 = 1.3537 Singapore dollars) (Reporting by Aby Jose Koilparambil in Bengaluru and Anshuman Daga in Singapore Editing by Shri Navaratnam)