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Hong Kong billionaire Richard Li's FWD group plans to be listed in Singapore with a two-class structure, as the insurer goes ahead with its introductory preparations stock market (IPO), according to people with knowledge in the field. Discuss with advisers the merits of listing in Singapore using such a structure, which can offer increased voting power to protect the influence of founders and management, according to people. The insurer has consulted the officials of the Singapore Stock Exchange (SGX) on the possibility of not being identified because the deliberations are private. people said. FWD has begun laying the groundwork for an IPO that could take place in the next two years, Bloomberg News reported in June.
A list of Singapore FWD, which manages more than 26.6 billion US dollars ($ 36.2 billion) of assets, This would be a coup d 'état for the stock exchange. Southeast Asia as it seeks to obtain a larger share of competing financial center transactions. The stock market in June joined Hong Kong by approving regulations that allow companies to be listed with two-class shares.
No final decision has been made, and there is no certainty that the deliberations will lead to a transaction, according to the people. Representatives of FWD and SGX declined to comment
The Singapore Stock Exchange worked to attract lists of major notes from abroad. He is considering a series of measures to woo a list of energy giant Saudi Arabian Oil Co, people with knowledge about the case last year.
The exchange was pushing in 2011 to attract a sale of Manchester United stock and she was looking next year to attract a list of Formula 1 that could have lifted up to 3 billion US dollars, reported Bloomberg News at the time. Manchester United has finally chosen to be listed in the United States, while the IPO of Formula One has not occurred in part because of a volatile stock market.
FWD investors include Singapore GIC sovereign wealth fund. The other investors are Swiss Re, the world's second largest reinsurer, and the Asian private equity fund RRJ Capital.
million. Li, the son of the richest man in Hong Kong, has built FWDs in the past five years. He created the company after spending 2.1 billion US dollars to buy ING Groep's insurance and retirement units in Hong Kong, Macau and Thailand in 2013.
Since then, FWD has developed in Japan and Southeast Asia. region to sell its insurance policies. The company had more than 2.7 million customers in eight Asian markets at the end of last year, says its website. Thailand is FWD's largest customer market, followed by Hong Kong and Macau, according to its website.
BLOOMBERG
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