The head of Singapore's stock exchange tried to win investor support on Sunday for a proposed merger with the Australian bourse, saying the move would help companies enjoy better growth.
Singapore Exchange Ltd (SGX) will step up its campaign for the $8.4 billion deal this month, when it applies to the Foreign Investment Review Board and treasurer for approval to tie up with the Australian Stock Exchange (ASX).
"Many of the listed companies - Australian listed companies - they will grow," SGX chief executive Magnus Bocker told ABC television on Sunday.
"They will become more and more multinational and global companies. They, over time, need to find money for their growth, either in Australia or outside."
The two bourses revamped their merger proposal last month, promising an equal number of directors from each country in a bid to overcome objections over foreign ownership and Singapore's democracy and rights record.
The two stock exchanges also pledged to maintain operations, assets and key staff in Australia, and to invest in new products.
"Two weeks ago we changed the terms a little bit," Bocker added. The ASX and SGX announced proposals in October for a merger that would create one of the world's largest and most diversified financial trading hubs.
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