Micro Technologies Lists on the Singapore Exchange
Micro Technologies has announced the listing of the company on the Singapore Exchange for its Foreign Currency Convertible Bonds (FCCB). Singapore Exchange Limited (SGX) is Asia-Pacific's first demutualised and integrated securities and derivatives exchange. Leveraging this success and with a commitment to provide efficient security solutions across different geographies to tap global opportunities, Micro Technologies will launch today its platform in Asia and has chosen SGX as the first Asian exchange for its launch.
Commenting on the development, Dr. P. Sekhar, Chairman and Managing Director, Micro Technologies said, "the listing on Singapore is a significant step forward as it represents the success of bringing the technology based Security Products platform from India to other Asian countries and, more importantly, a new and unique investment tool to help investors manage their wealth more efficiently".
The Standard Chartered acted as the lead managers to the issue and is also one of the investors along with Lehman Brothers and Apollo Global. As exchange traded funds (ETFs) are becoming mainstream investment tool, the listing of Micro Technologies on SGX will broaden to our suite of regional ETFs and allow investors to take advantage of the growing economies of India.
The Company is listed on National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) for its equity shares and Luxembourg Stock Exchange for GDRs.
The Company will use the FCCB funds worth Rs. 60 crore for extensive marketing operations of Micro Products into US market. It has also entered into a strategic agreement with TWI International PTY Ltd. to market Micro VBB to South Africa.
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