11 Nov 1998... DPM Lee Hsien Loong announced the demutualisation and merger of the Stock Exchange of Singapore (SES) and the Singapore International Monetary Exchange (SIMEX) on 4 Nov 98.

MAS has appointed a Pro-Tem Committee on the new integrated Singapore exchange to oversee the transition process. The Committee will be responsible inter alia for preparing the necessary legal and regulatory changes, working with the exchanges on pre-merger organisational structuring, and developing new complementary business strategies. A key task will be to appoint a financial advisor to value the new combined entity and to place out shares with new investors.

The Committee will begin its work within a few weeks. The Government expects to pass legislation in the first half of 1999 and to incorporate the new company shortly thereafter. The integrated Singapore exchange is expected to be launched in late 1999.

Mr J Y Pillay, a member of the MAS Board, will chair the Committee. The other members include the Presidents of SES and SIMEX, members of the SES Committee and SIMEX Board, and representatives from other financial institutions. The full list of members is attached.