Santiago and Oslo Exchanges signed today a Memorandum of Understanding (MoU) that seeks to promote the dual listing of salmon industry companies in both exchanges equities markets. It also strengthens the links between the exchanges and establishes the conditions for exchanging information for the proper functioning of equity trading in the Chilean and Norwegian markets.
The ceremony, held on October 16 at the traditional Trading Floor of the Santiago Exchange, was headed by its CEO, José Antonio Martínez, by the Executive Vice President of Primary Markets and Legal Affairs of the Oslo Bors, Oivind Amundsen, and by the Senior Vice President of Listings of Oslo Bors, Lars Jacob Braarud.
The cooperation agreement considers exploring the option of listing other financial exchange-traded products, such as bonds and ETFs; share information related to domestic market activities; analyze the possibility of developing new products that add value to both exchanges, and increase awareness of each stock market listing sectors.
José Antonio Martínez, highlighted that "this is a valuable opportunity to work with Oslo Exchange, that has a 200-year long trajectory and is a leading exchange for the listing and trading of fishery industry worldwide".
Martinez added that “through this agreement we will have the opportunity to enhance exposure of the Chilean Capital Markets, adding visibility of our issuers and generating investment opportunities that contribute to the sustainable development of the market”.
"For the Oslo Stock Exchange, it is exciting to further expand our international scope by entering into this MoU with The Santiago Exchange. Cooperating on important strategic areas for both exchanges will mutually strengthen our two markets and benefit issuers who wish to expand their investor base. Salmones Camanchaca have utilized this option through a successful dual listing between Santiago and Oslo, and we certainly believe there is potential for further companies to do the same”, says the Vice President of Primary Market and Legal Affais of Oslo Bors, Oivind Amundsen.
Salmon is the second most exported product of Chile and reaches 75 markets worldwide. In 2017, salmon exports represented 6% of the total shipments of Chile, representing US$ 4,65 billion, and according to the projections of the Salmon Association of Chile (SalmonChile), these would exceed US$ 5 billion in 2018. Currently, 5 salmon companies -Aqua Chile, Multiexport, Salmones Camanchaca, Invermar and Australis- are listed on the Santiago Exchange.
ABOUT SANTIAGO EXCHANGE
Bolsa de Santiago is Chile's largest exchange, with a daily trading average of more than U$ 1,5 billion in its debt, equity and derivatives markets. Its strategic focus is to develop the Capital Markets, providing business opportunities for intermediaries, issuers and local and international investors, and to allow intermediaries and clients to trade on reliable and transparent platforms with the highest technological and efficiency standards. Bolsa de Santiago is part of the Latin American Integrated Market (MILA) and the Sustainable Stock Exchanges (SSE), and as a signatory of the Global Compact. On June 12, 2017, became a demutualized Exchange.