The Hindu : Business : First Indian listing on Singapore Exchange

Online edition of India's National Newspaper
Wednesday, Aug 11, 2004

Business

Business

First Indian listing on Singapore Exchange

By P. S. Suryanarayana

SINGAPORE, AUG. 10. Corporate India today made its presence felt on the Singapore Exchange (SGX), as Meghmani Organics Limited became the first Indian firm to be listed for trading here. The function, held at the commencement of the day's business, was marked by celebrations that featured not only the customary speeches but also the traditional lighting of an Indian lamp and a `bhangra dance' at the SGX Event Plaza.

The SGX officials portrayed the debut of this company as the first sign of their fruitful efforts to bring India onto the centre stage of the Singapore stock market. Jayanti M. Patel, Chairman and Managing Director of Meghmani Organics, drew attention to the company's profile.

Among those present at today's function were Ravi Bangar, India's Deputy High Commissioner in Singapore, and C. Rajendiran, First Secretary (Commerce) at the Indian Embassy here. Their presence was seen as an acknowledgment of the event as a new aspect of the burgeoning economic relationship between India and Singapore.

The Executive Vice-President and Head of the Markets Group of the Singapore Exchange Limited, Gan Seow Ann, noted the significance of the event against the backdrop of how the pace of growth as regards Singapore's trade with India had outstripped the momentum in respect of the City-State's vibrant commerce with China in the past six months.

Later, in a chat with media persons, Mr. Gan noted that corporate India's debut at the stock market here should be seen against the `major push' that the SGX had begun about three years ago in this regard. The other factors he cited were the status of Singapore as a `good alternative' market for shares and the fact that Indian companies, too, had begun to `look outward.' The market-related advantages of a listing on the Singapore Exchange were also outlined by him.

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