EMPERADOR, Inc. will push through with a secondary listing on the main board of the Singapore Exchange (SGX), with its board of directors already signaling management to “deliver” the requirements “as soon as practicable,” the company said on Wednesday morning.

The announcement led to a nearly 13% surge in its stock price upon market close.

“We believe that SGX, one of the most developed exchanges in Asia, is the appropriate secondary exchange to raise the international profile of Emperador,” Emperador Chairman and Founder Andrew L. Tan said in a statement.

The company said the plan was approved on Tuesday, Aug. 17, and the company has already appointed financial, legal, and other advisers for the listing.

Emperador said it will continue to maintain its primary listing at the Philippine Stock Exchange (PSE). The plan is to have its stock traded simultaneously on the SGX and on the local bourse.

“The company’s announcement of its planned listing at the SGX may have improved sentiment towards the stock, as this move may come with several benefits for the company,” Timson Securities, Inc. Trader Darren Blaine T. Pangan said in a Viber message.

“For one, this will increase the company’s access to capital-raising activities, as it will now be listed in different exchanges with a different set of investors,” he added.

Emperador has earmarked P1.5 billion for its capital expenditures (capex) this year, soaring by 50% from its P1-billion capex set the previous year. The company said it invested ahead to sustain its growth plans.

“[The SGX listing] could boost confidence on the company, affirming its dominant international brand and market position. This is manifested by its local stock price at new record highs today,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a text message.

Emperador shares at the local bourse climbed 12.83% or P1.82 on Wednesday, closing at P16.00 each.

“This is an affirmation of how good Emperador is as a global brand and company,” BDO Capital & Investment Corp. President Eduardo V. Francisco said in an e-mailed statement.

“It means that the local investors look at the potential upside following this announcement,” he added.

Mr. Tan said they are “very excited” about the possibility of being the “first ever PSE-primary listed company to conduct a secondary listing in the SGX.” The company hopes its listing will be a “catalyst” to enhance the “strategic collaboration” between both exchanges.

Emperador’s products are on the shelves of over 100 countries. The company was said to be the largest brandy producer globally in 2020, according to International Wines and Spirits Research.

It owns multi-awarded Fundador Spanish Brandy de Jerez, which was given the highest platinum award by the San Francisco World Spirits Competition for its Fundador Supremo 18.

The company also owns the world’s fifth-largest Scotch whisky producer Whyte & Mackay, also recently recognized as “Distiller of the Year” at the Icons of Whisky Scotland 2021.

“We believe that a secondary listing on the SGX will create stronger awareness of Emperador and its world-class brands, as well as increase our stock’s visibility and international investor participation reflective of our global operations and revenue,” Emperador President Winston S. Co said.

In the first half of the year, the company said its net profit to owners surged by 53% year on year to P5.1 billion, driven by the gradual easing of pandemic-related restrictions across the globe. Its revenues for the period also went up by 18% to P25.3 billion.