Emperador Inc. announced on Monday that it is preparing to list its shares on the main board of the Singapore Exchange Securities Trading Ltd. (SGX) this week after meeting the conditions outlined in its listing eligibility document.
Shares of the liquor company run by Andrew Tan will trade on SGX under the symbol “EMI” from June 14.
Its ticker symbol on the Philippine Stock Exchange (PSE) will also be changed to “EMI” from the current “EMP”.
“Emperador’s secondary listing on the SGX is a key step in developing our business as an international brandy and whiskey company, reflecting our global reach and the strength of our world-class brand portfolio. This will expand opportunities for investor participation in Singapore and beyond as we continue to invest in our ambitious international expansion,” said Winston Co, Chairman of the company.
While listing on the SGX, Emperador will continue to maintain its primary listing on the PSE and the stock is expected to trade simultaneously on both exchanges, making it the first PSE-listed company to have a secondary listing on the SGX.
UBS AG, Singapore Branch and JP Morgan Ltd. act as co-managers for the proposed secondary listing.
“Investment banks have been mandated to explore ways to introduce liquidity into the proposed secondary listing, subject to market conditions and the satisfaction of ETL conditions,” the company said.
Emperador began by selling brandy of the same name, but eventually acquired well-known European distilleries and wineries.
He now owns UK-based Whyte and Mackay Group Ltd., the world’s fifth-largest Scotch whiskey maker; Bodegas Fundador in Spain, owner of the iconic Fundador brand; and Domecq Bodega Las Copas which makes spirits and Mexican wines.
In 2020, the company’s brandy products held an 86.5% market share among all domestic and imported brandies in the Philippines based on volume, according to Nielsen Co.
With the pandemic, however, its domestic sales have lagged due to a series of shutdowns and the imposition of liquor bans by local government units. Its international sales, meanwhile, have taken over.
In the first half, its brandy revenue increased 10% to 16.34 billion pesos from 14.9 billion pesos last year, while Scotch whiskey revenue increased 35% to 8, 99 billion pesos against 6.63 billion pesos previous.