Norwegian Shipper Scores a First

Norwegian dry bulk shipper Golden Ocean Group has completed a secondary listing on the Singapore Exchange (SGX) yesterday. The company is the first group to take advantage of the new scheme to promote dual listings of companies on the SGX and the Oslo Stock Exchange.


Both exchanges signed a Memorandum of Understanding last July to make it attractive for companies to dual list on each other’s bourses.


The cooperation between the two exchanges accelerates the listing process and reduces the regulatory burden of being listed on two exchanges without compromising investor protection and good corporate governance.


Golden Ocean chief executive officer Herman Billung said in a statement: “We already have a significant operational presence in Singapore and the main driver for our drybulk business is the fast growing emerging economies in Asia. We look forward to working with the Asian investor community and are committed to making our SGX listing a success”.


The listing took place by way of introduction with no new capital raised at this point, but the company views the Asian investor market as important going forward.


Meanwhile, wire reports said that the company may consider raising money in Singapore following its secondary listing.


“Initially, we are just doing a transfer of shares but we hope that if and when we raise new equity, we will focus to do it in Singapore,” said Mr Billung as reported by Reuters.


The company was formed in Nov 2004 and is a spin-off from oil tanker giant Frontline Ltd. It currently owns or controls 12 ships and has another 23 under construction.


 

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