1exchange, Singapore’s first and only regulated and licensed private securities exchange,saw its first ever private company listing. After a short six-week campaign that saw hundreds of highly-interested investors committing bids, Singapore-based boutique fund management company Aggregate Asset Management has listed on 1exchange with over $4.08 million (SGD 5.6 million) worth of tradeable private equities representing approximately 5% of the company’s share equity. Based in the global financial hub of Singapore, 1X is the only regulated private securities exchange with a Recognised Market Operator licence granted by the Monetary Authority of Singapore.
The listing was marked by a gong-striking ceremony held in conjunction with SGX’Daily Securities Market Opening in SGX Centre. Representatives from 1X, AAM, placement agent CapBridge Pte Ltd, trust administrator Equiom Singapore, blockchain technology partner ConsenSys, and strategic partner and shareholder Singapore Exchange (SGX) were present to witness this groundbreaking milestone for the Singapore private capital market.
Mohamed Nasser Ismail, Senior Vice President and Head Equity Capital Markets, SGX, said, “We recognise that companies in an earlier growth stage may need access to capital before they are ready for a public listing. We supported 1exchange to create a virtuous ecosystem of capital flow catering to companies in the mid-late stages of growth, adding to the vibrancy of the capital markets in Singapore. With 1exchange, companies such as Aggregate Asset Management now have more fundraising options, as well as a means to provide shareholders and other interested investors a market for these tradeable private equities. We are pleased to support this pipeline of private listings and look forward to helping companies prepare for an eventual public listing when they are ready.”
Kevin Tok, co-founder of Aggregate Asset Management said, “When we founded our company, we were among the very first fund managers not to charge a management fee. Today, we are again breaking new ground and making history as Singapore’s first privately-listed company on 1exchange. This private listing kicks off the next chapter of growth for us, and we look forward to bringing more value to our unitholders and shareholders.”
Choo Haiping, CEO of 1X, said, “1X is grateful for the support of our many stakeholders, including regulators, SGX, our partners in the financial industry, and the companies and investors who continue to believe in our mission to create a dynamic and vibrant private capital market through tradeable private equities.”
On 1X (www.1x.exchange), private companies can list up to 30% of their shares in the form of tradeable private equities. This new and regulated asset class traded on 1X provides accredited investors additional portfolio diversification with higher-than-market return potential, while giving shareholders options for exits.
1X expects to be listing more companies in the near future.The private exchange is also the world’s first licensed and regulated private securities exchange built on a public blockchain. With 1X, companies now have a new secure option of listing private equities to access global liquidity. A private listing allows companies financial flexibility by listing a portion of their equity, without the high costs of conventional exits such as an IPO or M&A.
With 1X, accredited investors in Singapore can easily and securely access a highly-sought after and regulated asset class of tradeable private equities.
In addition, 1X is built on the public Ethereum mainnet. This enables the private exchange to potentially tap into a global liquidity pool. Investors around the world who are already active on Distributed Ledger Technology (DLT) exchanges can invest into high-growth companies via the regulated and tradeable private equities on 1X, as well as track their shareholdings directly and independently via their digital wallets.
Incorporating traditional trading as well as DLT features, 1X caters to both investors with or without digital wallets, offering exclusive and secure access to the highly sought after asset class of regulated and tradeable private equities.
Re-disseminated by The Asian Banker