Singapore Exchange shares climb 3% on dual-class share listing news

SGX Logo. Reuters

Singapore Exchange (SGX) shares gained as much as 2.8 percent to S$8.20 on Monday.

The bourse operator on Friday said it would allow companies with dual-class share structures to have their primary listing on the SGX.

The first listing of a company with a dual-class share could come after June, SGX Chief Executive Officer Loh Boon Chye said at a results briefing on Friday.

Loh said that the implementation of dual-class shares is in line with the Committee on the Future Economy report on the scaling up of new-economy enterprises.

At 0330 GMT, SGX shares were up 2.6 percent at S48.19. About 3.5 million shares changed hands compared to a 30-day average volume of 2 million shares.

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The dual-class share announcement comes after the exchange announced quarterly results on the same day.

SGX reported unchanged second-quarter net profit, with revenues from its largest equities and fixed income division posting a drop in the quarter.

Revenue from the bourse's equities and fixed income division - which contributes nearly half to the overall revenue - declined 4 percent to S$97.5 million in the period.

This article was first published on January 22, 2018