SGX lodges application with FIRB

Singapore Exchange has lodged a formal application to the Foreign Investment Review Board regarding its proposed $8.4 billion merger with the Australian Securities Exchange.

SGX said in a statement it had amended the merger agreement entered into in October to reflect new governance arrangements announced in February.

Those arrangements included a pledge to have an equal number of directors from each country on the board of the merged exchange.

Under the previous proposal, a 15-member board would have featured seven Singaporean directors.

Senior management, including the Australian business chief executive role, would continue to be based in Australia.

The Australian Competition and Consumer Commission has given its approval, but the green light is still needed from FIRB.

The FIRB has 30 days to decide on the merger, but that deadline can be extended if necessary.