Emperador, the largest liquor company in the Philippines, listed on the Singapore Exchange on Thursday (July 14) as part of its bid to accelerate international expansion.
The secondary listing by way of introduction, which means no new shares were issued, saw the stock (EMI) close at S$0.45 (32.15 US cents) on the main board of the Singapore Exchange Securities Trading (SGX-ST), up 3.4% from an opening price of S$0.435. The shares on the Philippine Stock Exchange ended 3.9% higher at 18.10 pesos (32.2 US cents), with the broader market down 1.74%.
“This secondary listing leverages Singapore’s position as a global financial hub and will ensure we are well-positioned to broaden our access to the international investment community in the future,” says Bryan Donaghey, head of the company’s whisky business and chief executive officer of Whyte & Mackay.
Emperador aims to generate 50% of its sales from outside the Philippines by 2025.
Since 2014, the company has been building its portfolio through international acquisitions such as Whyte & Mackay, the world's fifth largest Scotch whisky producer by capacity, and Bodegas Fundador, the biggest and oldest brand maker in Spain. It now owns some of the world’s best-selling Spanish brandies by volume including Fundador, Terry Centenario, Presidente and Emperador, as well as single malt whisky brands such as The Dalmore, Jura, Fettercairn, and Tamnavulin. It has established presence in over 100 countries, including the Philippines, the United Kingdom, Spain and Mexico.
Emperador is SGX’s first secondary listing from the Philippines. Pol de Win, senior managing director, head of global sales and origination at SGX Group, comments: “The company’s strategic investments in building a global portfolio further its growth strategy in both mature and emerging markets. SGX Group’s international platform provides an excellent springboard for Emperador to further raise its profile and capture new growth opportunities.”
UBS Singapore Branch and J.P. Morgan (S.E.A.) were joint managers for the secondary listing.
