Business
ZOOM: Singapore stock market at rock bottom. What will it take to turn things around?
GOVERNMENT MEASURES
The Singapore government has taken steps to enhance the attractiveness of local stock markets.
Two funds, namely the S$1.5 billion Anchor Fund @65 and the S$500 million EDBI Growth IPO Fund, were set up in 2022 to help high-growth companies raise capital through public listings here.
Fund managers do this by advising companies on SGX listing requirements, as well as facilitating engagements with investment banks and market makers, a Ministry of Trade and Industry (MTI) spokesperson said.
So far, these funds have invested in nine companies, Mr Chee told Parliament last week.
Asked whether the figure met the initial targets set and whether the funds had been effective in rejuvenating the local stock market, MTI simply said the last two years have been more challenging for global stock markets with a decline in IPO activity amid high interest rates.
Stock markets in Singapore and the region were also hit, the spokesman said.
MTI did not respond to CNA's additional questions regarding details about the nine companies that received support and whether further investments are in the pipeline.
At the same time, there are also programs to help cover listing costs and fund research coverage for companies listed on the SGX.
Under the Grant for Equity Market Singapore (GEMS) scheme launched in 2019, the Monetary Authority of Singapore (MAS) provides grants of up to S$2 million that help offset listing-related expenses.
As of May, the grant supported a total of 46 announcements in sectors ranging from new technologies, media and healthcare to information technology, a MAS spokesperson said.
Ten of them are listed on the main market, such as Nanofilm Technologies and Digital Core REIT. The other 36, including the recently listed SAM Holdings, are listed on the Catalist market.
Under GEMS, a Research Development Grant also supported more than 10 research firms that hired 38 research analysts by the end of 2023.
These research firms have produced more than 900 research reports covering over 130 SGX-listed companies, with the information contained therein providing insights to retail investors and aiding better decision-making, MAS said.
GEMS grant funding is one of the factors that potential IPO candidates consider when considering a listing on our stock market, the central bank spokesperson told CNA.
MAS will consider new ideas and proposals to improve our equity market and support business growth and will continue to work with industry stakeholders on this objective.
For its part, the SGX introduced new rules in 2021 to allow the listing of special purpose acquisition companies, or SPACs, on the main market and, more recently, a Thailand-Singapore depositary receipt was launched to expand access to capital and markets.
In 2014, the company also launched a market maker and liquidity provider program to boost trading volumes. The market operator declined to reveal details of that program, citing confidentiality.
SGX also declined to comment on other questions posed by CNA for this article, such as whether it is reviewing its existing initiatives to improve performance.
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