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Singapore Stock Exchange to acquire stake in BSE
Wednesday, 07 March 2007, 18:30 IST
Mumbai: In a strategic tie-up between two of Asia's leading bourses, Singapore Exchange Ltd (SGX) will take a five percent stake in the Bombay Stock Exchange (BSE) with an investment of 
1.89 billion ($42.7 million).
The BSE and SGX signed an agreement according to which the SGX will subscribe to the shares of India's oldest and premier bourse at a price of 5,200 per share.
The two exchanges have also agreed to actively explore ways to collaborate in various areas relating to listing and product development, leveraging on SGX's leading position as a regional hub for derivatives and international listings and BSE's strong presence in India.
Announcing the agreement at a news conference at the BSE headquarters here, BSE CEO and managing director Rajnikant Patel said: "This strategic tie-up with SGX will offer the Asian advantage to BSE."
"SGX is Asia-Pacific's first de-mutualised and integrated securities and derivatives exchange. They bring a huge amount of learning to this partnership. This partnership will not only be a mutually beneficial to both the exchanges, but also complement our association with Deutsche Borse.
"This alliance will position BSE to be an important player in the increasingly globalised market place," Patel said.
"We look forward to supporting BSE's goal to strengthen its international position," said SGX CEO Hsieh Fu Hua.
"Together, we aim to identify new business development opportunities and to foster an enduring partnership that is beneficial to both exchanges and our customers.
"Our investment in BSE is consistent with our strategy of building an Asian gateway for securities and derivatives products," Hsieh added.
The issue of the BSE shares is subject to relevant regulatory and shareholder approvals, Patel said.
While Kotak Investment Banking advised BSE, UBS Investment Bank acted as financial advisor for SGX in the transaction.
Source: IANS
1.89 billion ($42.7 million).
The BSE and SGX signed an agreement according to which the SGX will subscribe to the shares of India's oldest and premier bourse at a price of 5,200 per share.
The two exchanges have also agreed to actively explore ways to collaborate in various areas relating to listing and product development, leveraging on SGX's leading position as a regional hub for derivatives and international listings and BSE's strong presence in India.
Announcing the agreement at a news conference at the BSE headquarters here, BSE CEO and managing director Rajnikant Patel said: "This strategic tie-up with SGX will offer the Asian advantage to BSE."
"SGX is Asia-Pacific's first de-mutualised and integrated securities and derivatives exchange. They bring a huge amount of learning to this partnership. This partnership will not only be a mutually beneficial to both the exchanges, but also complement our association with Deutsche Borse.
"This alliance will position BSE to be an important player in the increasingly globalised market place," Patel said.
"We look forward to supporting BSE's goal to strengthen its international position," said SGX CEO Hsieh Fu Hua.
"Together, we aim to identify new business development opportunities and to foster an enduring partnership that is beneficial to both exchanges and our customers.
"Our investment in BSE is consistent with our strategy of building an Asian gateway for securities and derivatives products," Hsieh added.
The issue of the BSE shares is subject to relevant regulatory and shareholder approvals, Patel said.
While Kotak Investment Banking advised BSE, UBS Investment Bank acted as financial advisor for SGX in the transaction.
Source: IANS